Aussie asset managers Platinum and L1 Capital to merge

Under the proposal, Platinum will acquire 100% of L1’s share capital and issue new Platinum stock to existing L1 shareholders. — Bloomberg

SYDNEY: Australian investment firms Platinum Asset Management Ltd and L1 Capital have agreed to a merger, adding to a flurry of recent deal activity involving money managers in the country.

Under the proposal, Platinum will acquire 100% of L1’s share capital and issue new Platinum stock to existing L1 shareholders, according to a statement.