• Merger creates diversified, client-focused Australian financial services group
• Barrenjoey has established market leadership with $522 million in revenue and $108 million adjusted NPATA
• Merger implies a transaction multiple of 15.0x P/E on a last twelve-month basis

Magellan Financial Group Ltd (MFG) is pleased to announce it has entered into an agreement to merge with Barrenjoey Capital Partners ('Barrenjoey'). The merger creates a diversified, client-focused Australian financial services group, with a proven talent base across investment management, corporate finance, equities, fixed income and capital markets. Barrenjoey has established market leadership across its businesses since inception, scaling to $522 million in revenue and $108 million adjusted NPATA over the last twelve months. The business has consistently exceeded expectations with strong organic growth, attractive returns on capital, and an entrepreneurial culture that positions the combined group for continued expansion. The merger implies a transaction multiple of 15.0x P/E on a last twelve-month basis, prior to the consideration of expected synergies. The merger is expected to result in improved business diversification and resilience, an enhanced client proposition, the ability to retain and attract top talent, and a strong combined balance sheet providing opportunity for growth. The transaction is subject to customary conditions precedent, including Australian competition approval, Hong Kong regulatory approval, and shareholder approval. Completion is expected to occur in the second quarter of calendar year 2026.

The merger is expected to position the combined group for continued expansion, leveraging the complementary strengths and entrepreneurial culture of MFG and Barrenjoey.