Platinum Asset Management (ASX:PTM) co-founder Kerr Neilson sold a 9.6% stake in the company to L1 Capital amid a potential merger between the two, according to a Thursday filing with the Australian bourse.
The sale reduced Neilson's voting power in Platinum Asset Management to 12.03%, or 70 million shares, from 21.48%, or 126 million shares. The transaction consideration was AU$30.2 million.
Platinum's shares were up 11% in recent trade.
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