Platinum and L1 Capital Merge to Create Leading Investment Powerhouse

Platinum Asset Management Limited (ASX: PTM) has entered into a binding merger with L1 Capital, aiming to create a diversified investment group with approximately AU$16.5 billion in funds under management. Post-merger, existing L1 shareholders will hold a 74% stake in the merged entity (“MergeCo”), while Platinum shareholders will retain 26%. Platinum will acquire all issued L1 Capital shares by issuing new Platinum shares. The merger promises exposure to scalable alternative strategies, enhanced global distribution, and potential double-digit earnings per share (EPS) accretion within 12 months post-completion, and over 30% by FY27. Performance fees are structured to favor Platinum for the initial 3.5% return on L1’s long-short funds. MergeCo will continue ASX listing under a new name and ticker. Platinum’s board unanimously supports the deal, highlighting the strategic benefits, improved scale, and long-term value creation for investors. Completion is subject to shareholder approval and regulatory conditions.

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