ACCC approves Magellan’s merger with Barrenjoey
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The news: The competition regulator has approved the merger between Magellan Financial Group and Barrenjoey Capital, announced in March.
The context: Magellan said it now expects to complete the merger in early July.
Subject to completion, the Magellan board intends to seek shareholder approval to change the company’s name to Barrenjoey Group and change its ASX ticker from ‘MFG’ to ‘BJY’.
Shareholders are set to vote on the rebrand at Magellan’s annual general meeting on 22 October.
The group’s investment distribution brand Magellan Investment Partners will change to Barrenjoey Investment Partners.
Magellan said a unified brand “best positions the group for its next phase of growth” and determined that ‘Barrenjoey’ provides the “strongest foundation”.
What they said: “The ACCC’s clearance is a significant milestone in the completion of the merger and brings us one step closer in our shared ambition to build on of Australia’s leading financial services businesses,” said Magellan chair Andrew Formica.
“The decision to adopt the Barrenjoey name recognises the transformational nature of the merger and follows feedback from our clients, our people and our shareholders since the announcement of the merger.
“A unified brand will provide greater clarity while reflecting the innovative culture, alignment of interests and commitment to clients that will define the combined organisation.”
The source: ASX
