Investment firm Perpetual has agreed to buy rival Pendal after long-running talks finally ended in an agreement to create a $201 billion global asset manager.
were in talks through the evening hoping to strike an agreement before Perpetual delivered its full-year results.in April, but it was rejected by the Pendal board a week later. But both companies confirmed that takeover talks had been reopened in late July.
“Our board and management see this as a defining acquisition that brings together two of Australia’s oldest and most respected active asset management brands to create a diversified global asset management business of substantial scale,” said Tony D’Aloisio, who will be chairman of the combined group.
Perpetual says it will de-leverage its operations once it generates cash flows, but the dividend target to pay out 60 to 90 per cent of underlying net profits will remain in place.
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