Australian Asset Managers Platinum and L1 Capital to Merge

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 Tuesday. Following the merger, L1 shareholders will hold 74% of the merged group, with existing Platinum shareholders holding the rest.