Magellan Shares Jump Most Since 2006 on Deal to Buy Barrenjoey

Australian asset manager Magellan Financial Group agreed to acquire Barrenjoey Capital Partners in a A$1.6 billion ($1.1 billion) deal, its largest strategic move in years. The announcement triggered Magellan’s biggest stock surge since 2006, with shares climbing up to 31% on Tuesday after a Monday trading halt for capital raising. The deal marks Magellan’s push to expand its investment banking and advisory capabilities by integrating Barrenjoey’s boutique financial services expertise. Trading was temporarily suspended Monday to finalize a capital raise, ensuring sufficient funding for the acquisition before shares resumed trading. The record share jump reflects investor confidence in the merger’s potential to strengthen Magellan’s market position amid evolving financial sector competition.