Magellan Financial (ASX:MFG) completes Guzman sale for $140m

Magellan Financial Group (ASX:MFG) has completed the sale of its 11.6 per cent stake in Guzman y Gomez for $140 million.

The completion of the deal occurred in one tranche, rather than in two tranches between June and July as originally expected.

Given completion of the sale, Magellan’s head of capital and advisory, Craig Wright, has resigned as a non-executive director of Guzman y Gomez with effect from today.

Shares in Magellan Financial Group (ASX:MFG) are trading 5.8 per cent higher to $13.62.