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Highlights
- Due diligence for Platinum and L1 Capital merger completed
- Ownership terms adjusted slightly in revised agreement
- Merger discussions move towards implementation phase
Platinum Asset Management (ASX:PTM) and L1 Capital have marked a major step forward in their proposed merger, officially completing the due diligence phase. The discussions, described as “constructively progressed” by Platinum, have led to a refined agreement on ownership structure and signaled momentum toward finalising the deal.
Under the updated arrangement, L1 Capital shareholders are now set to hold 74% of the shares in the merged entity, while existing Platinum shareholders will retain the remaining 26%. This reflects a slight adjustment from the original agreement, which proposed a 75-25 split. The change appears to result from the mutual due diligence process and further discussions aimed at balancing the interests of both parties.
This potential merger brings together two prominent names in the Australian investment management landscape. Platinum, already a constituent of the S&P/ASX200, is known for its global equities focus and long-standing presence in the industry. Partnering with L1 Capital, which has grown its footprint with differentiated strategies and performance-oriented portfolios, could create a more robust and diversified business.
The companies are now preparing to negotiate the Merger Implementation Deed, which will outline the complete terms and formal structure of the combined organisation. This next step is crucial, as it will pave the way for shareholder approvals, board review, and regulatory assessments necessary for completion.
Platinum has noted that the merger still hinges on its board’s final decision, ensuring the outcome aligns with shareholder interests. However, the completion of due diligence suggests both sides have confidence in the strategic rationale of the deal.
For market observers and investors tracking movements within the ASX200, this development underscores the dynamic shifts underway in the Australian fund management sector. If completed, the Platinum–L1 Capital merger may reshape competition and operational scale in a fast-evolving financial landscape.
As discussions continue, the market will be closely watching for further updates on the finalisation of the merger and how the new entity might position itself amid broader trends in capital markets and asset allocation.
