Sydney-based fund manager Magellan Financial Group (ASX: MFG) has secured unconditional clearance from the Australian Competition and Consumer Commission (ACCC) for its merger with investment bank Barrenjoey Capital Partners, removing the final major regulatory hurdle before completion expected in early July.
The clearance announced today comes more than three months after Magellan first unveiled the deal, which implies a value of $1.616 billion for Barrenjoey with the price struck on a 100 per cent equity basis at a price-to-earnings multiple of 15 times.
Subject to completion, Magellan intends to rebrand the combined group as Barrenjoey Group Limited and change its ASX ticker to BJY - a move that would effectively retire one of the most recognised names in Australian funds management.
Shareholders will vote on the rebrand at the company's annual general meeting on 22 October 2026.
"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 one of Australia's leading financial services businesses," says Magellan chairman Andrew Formica.
"MFG has built a recognised investment management franchise, supported by deep investment expertise and longstanding client relationships.
"As we bring these two businesses together it is important that our brand reflects both the expanded capabilities of the combined Group and the opportunities ahead.
"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 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."
Barrenjoey, which will be issued 106.8 million Magellan shares as consideration for the merger, generated $522 million in revenue in calendar 2025 and delivered $108 million in adjusted net profit after tax and amortisation for the year.
Magellan reported $37.5 billion in assets under management at 31 March 2026, down from $39.9 billion at the end of December 2025.
The combined entity is expected to manage about $45 billion in total assets following the merger.
Post-completion, Magellan shareholders will hold 58.2 per cent of the merged group, with Barrenjoey parties retaining 31.7 per cent, placement shareholders holding 5.3 per cent and British bank Barclays owning 4.9 per cent.
David Gonski, Barrenjoey's independent non-executive chairman, is proposed to chair the combined group.
The merger comes as Magellan has been overhauling its core investment offering.
The company recently transitioned its $5.3 billion suite of global equities funds to Melbourne-based systematic manager Vinva Investment Management, cutting management fees from 1.35 per cent to 0.89 per cent.
Shares in Magellan were trading 5 per cent higher at $9.50 at 11.07am (AEST).
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