Magellan Shares Jump Most Since 2006 on Deal to Buy Barrenjoey

Magellan Financial Group Ltd. shares surged the most in about 20 years after the Australian asset manager agreed to buy Barrenjoey Capital Partners in a deal valued at about A$1.6 billion ($1.1 billion).

The stock on Tuesday soared as much as 31%, the most since September 2006. The shares were halted on Monday while the company completed a capital raise for the purchase.