Latest news with #RaphaelLamm
AU Financial Review
08-07-2025
- Business
- AU Financial Review
L1 Capital, Platinum seal $16.5b merger agreement
The new $16.5 billion ASX-listed investment firm created by the merger of Platinum Asset Management and L1 Capital aims to be Australia's leading listed management player, L1 co-founder Raphael Lamm said, after terms of the tie-up were finalised. The Melbourne-based fund manager, founded in 2007 by Lamm and Mark Landau, struck a deal to combine with Platinum after it bought legendary investor Kerr Neilson's 9.9 per cent stake in May.
Reuters
01-05-2025
- Business
- Reuters
Australia's Platinum in talks to be swallowed up by L1 Capital
SYDNEY, May 1 (Reuters) - Australian fund manager Platinum Asset Management ( opens new tab said on Thursday it was in talks with investment manager L1 Capital on a deal to create an A$18 billion ($12 billion) funds management group. While the financial terms were not announced, Platinum said it would buy L1 and would issue its own stock to L1's owners. L1 said if the transaction proceeded it would hold about 75% of the combined entity. Platinum investors would own the remainder. The talks with L1 follow Platinum's rejection last year of a buyout bid from local hedge fund Regal Partners ( opens new tab, which valued Platinum at about A$616.5 million. Platinum shares rose as much as 15.8% on Thursday, to a two-month high, outpacing the S&P/ASX200 (.ASXJO), opens new tab which was up 0.2%. The stock has slumped 57% over the past two years amid an exodus of investors from Platinum's underperforming funds. Its market capitalisation now stands at A$330.7 million. Its funds under management have dropped from A$18.6 billion as of March 31, 2023, to A$10.3 billion at the end of March this year. L1 is owned by the firm's senior staff, including founders Raphael Lamm and Mark Landau, but has a number of funds listed on the ASX. "If the potential merger proceeds, the combined shareholders are expected to benefit from greater scale and diversity of investment strategies and distribution channels," said Platinum in its statement, adding that the merger would bode well for its shareholders in the near term. The deal is contingent on due diligence from both companies being carried out and final board approvals, the firms said. Platinum, headquartered in Sydney, said L1 has already secured a 9.6% stake in the company from its founder, billionaire investor Kerr Neilson. He has also granted a call option that would take L1's stake to 19.9%, exercisable if a competing proposal for Platinum emerges, the company added. ($1 = 1.5608 Australian dollars)
