UPDATE 2-Australia's Perpetual sells corporate, wealth businesses to KKR for $1.4 bln
Posted on Tuesday May 07, 2024
Australia's Perpetual said on Wednesday it would sell its corporate trust and wealth management businesses to global investment firm KKR & Co for A$2.18 billion ($1.44 billion). The deal will make the company "a leaner, debt-free, global, multi-boutique asset management firm managing A$227 billion in assets under management," Perpetual said in an exchange filing. Perpetual said its CEO Rob Adams would retire following a period of transition upon the completion of the deal.
KKR to Buy Two Units in Australia’s Perpetual for $1.4 Billion
Posted on Tuesday May 07, 2024
(Bloomberg) -- Australian funds manager Perpetual Ltd. agreed to a deal with private equity firm KKR & Co. for a sale of its wealth management and corporate trust units for A$2.175 billion ($1.43 billion). Most Read from BloombergIsrael Says a Cease-Fire Plan Backed by Hamas Falls ShortTrump Judge Indefinitely Postpones Documents Case TrialEinhorn Says Markets Are ‘Broken.’ Here’s What Data ShowsApple Revamps iPads With AI-Focused Pro Model, Bigger AirThe Sydney-based business, which oversees mo
Perpetual to be broken up with name being sold to KKR in nearly $1 billion deal, AFR reports
Posted on Tuesday May 07, 2024
The transaction will represent the biggest overhaul in the fund manager's 138-year-old history and will give KKR the Perpetual name, AFR reported, citing people who were familiar with the process. Negotiations around Perpetual's name had been a big part of the talks, the people said, according to the AFR report. In late April, Perpetual had confirmed it was in exclusive talks with the U.S.-based buyout firm over a sale of its corporate trust and wealth management business.
Perpetual to be broken up with name being sold to KKR in nearly $1 bln deal, AFR reports
Posted on Tuesday May 07, 2024
Australia's Perpetual will be broken up, with its name sold to global investment firm KKR & Co , in a deal worth over A$1.5 billion ($990 million), the Australian Financial Review reported on Tuesday. The transaction will represent the biggest overhaul in the fund manager's 138-year-old history and will give KKR the Perpetual name, AFR reported, citing people who were familiar with the process. Negotiations around Perpetual's name had been a big part of the talks, the people said, according to the AFR report.
