Magellan Financial Group Completes Merger With Barrenjoey, Plans Rename to Barrenjoey Group; Shares Jump 12%

MT Newswires Live

Jul 01

Magellan Financial Group (ASX:MFG) said it has completed its merger with Barrenjoey Capital Partners Group after receiving overwhelming shareholder support at the extraordinary general meeting on April 10 and satisfying all regulatory approvals and closing conditions, according to a Wednesday Australian bourse filing.

The company said it has issued 106.8 million ordinary shares to Barrenjoey shareholders as consideration for the acquisition of all Barrenjoey shares it did not already own. It will be renamed Barrenjoey Group trading under the code "BJY," subject to shareholder approval at the 2026 annual general meeting in October.

The group will operate across investment management, financial markets, and corporate finance, with Brian Benari appointed chief executive and Gavin Buchanan chief financial officer, the filing added.

David Gonski has been appointed independent non-executive chairman of the board, and Andrew Formica has been appointed deputy chairman, it added.

The company's shares rose past 12% in recent Wednesday trade.

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