Australia's Navigator Global Investments jumps on Invictus stake sale

Navigator Global Investments

29/09/2026 04:48

** Navigator Global Investments NGI.AX shares rise as much as 8.8% to A$2.47
** Stock on track for its strongest session since August 25
** Alternative asset manager says global asset manager New York Life Investment Management (NYLIM) agreed to buy 60% stake in alternative credit asset manager Invictus Capital Partners from NGI and other shareholders
** NGI partnered with Invictus in August 2022, with total consideration of around $115 mln paid over three years, according to its statement
** Co expects $40 mln-$43 mln in upfront proceeds and potentially up to $32 million in earn-out payments
** Adds, NYLIM to buy remaining 40% stake in Invictus in 2031
** Stock down 16.6% YTD, including the day's moves

(Reporting by Swetha Lakshmi in Bengaluru)
((Swetha.Lakshmi@thomsonreuters.com))