May 18, 2022

Barclays doubles stake in Australian investment bank Barrenjoey

Barclays has doubled its stake in Barrenjoey to almost 20 per cent after it paid A$75mn for new shares in the Australian investment bank that is rapidly expanding its financial services range. Barrenjoey, which means "Young kangaroo", was launched in 2020 and backed by Australian fund manager Magellan and Barclays. Barclays' capital injection means it will own 18.2 per cent of Barrenjoey, up from an initial 9.9 per cent, to give the Australian bank a valuation of A$750mn. "Our strategic partnership with Barclays has been instrumental to our early success, leveraging their global investment banking and securities franchises and balance sheet for the benefit of our clients," said Brian Benari, chief executive of Barrenjoey. Barrenjoey acted as lead adviser on Morrison & Co's A$2.8bn purchase of a stake in Telstra's towers business, while Barclays acted as underwriter and bookrunner on a A$1bn financing for the bidder.

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