Magellan Financial Group Limited (ASX:MFG) agreed to acquire remaining 63.64% stake in Barrenjoey Capital Partners Group Holdings Pty Limited from Barclays PLC (LSE:BARC) and others for approximately AUD 900 million. on March 2, 2026. The consideration consists of 106.84 million common equity of Magellan Financial Group Limited to be issued for common equity of Barrenjoey Capital Partners Group Holdings Pty Limited. As part of consideration, AUD 903.85 million is paid towards common equity of Barrenjoey Capital Partners Group Holdings Pty Limited. Upon completion, Magellan Financial Group Limited will own 100% stake in Barrenjoey Capital Partners Group Holdings Pty Limited. This acquisition is to be funded through an institutional placement and a share purchase plan offered to eligible shareholders. Upon completion, MFG shareholders will remain majority ownership of the combined group. In a related transaction, Magellan Financial Group Limited is acquiring Class B Preference Shares of Barrenjoey Capital Partners Group Holdings Pty Limited.

The transaction is subject to consummation of the Class B Preference Shares acquisition, subject to Australian Competition And Consumer Commission approval, approval by Securities and Futures Commission, approval of offer by acquirer shareholders and approval of offer by acquirer board. The deal has been unanimously recommended by the board of Magellan Financial Group Limited. The expected completion of the transaction is in the second quarter of calendar year 2026.