The transaction will give the private equity giant the rights to the 138-year-old brand and leave the ASX-listed group as a pure-play funds management business.
Perpetual will be broken up and its 138-year-old name sold to private equity giant KKR as part of the biggest overhaul in its history.
The transaction with KKR comes after a six-month strategic review, during which Perpetual weighed options such as a demerger or sale of its corporate trust and wealth businesses. The investment giant emerged as theNegotiations around Perpetual’s name had been a big part of the talks, the people said. Exclusive discussions between the pair were due to expire on Tuesday. Bank of America was advising the company’s wealth business, while Goldman Sachs worked with the corporate trust.
KKR has set up separate companies to own Perpetual’s corporate trust and wealth management businesses, filings with Australia’s corporate regulator showed. It comes after Perpetual expanded its asset management arm aggressively, most notably acquiring long-time rival Pendal, a funds management firm also based in Sydney.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
KKR seeks to resolve 11th-hour hurdles ahead of Perpetual break-upThe Perpetual board was eager to update the market at its third quarter update on Wednesday but was body blocked by its advisory team
Read more »
PPT ASX: Wealth manager Perpetual inches closer to KKR dealThe wealth manager is one step closer to breaking up the business after it confirmed talks with KKR that would leave Perpetual solely with asset management.
Read more »
Meet the Aussie who will be crucial to KKR’s $1.5trn ambitionKKR has set out some big goals, including more than quadrupling earnings and lifting assets five-fold. A little-known Australian executive will be vital to hitting the targets.
Read more »
Mercury Capital acquires stakes in KKR’s Findex Group, FyfeThe deal, which closed on Friday, will see Mercury take a 60 per cent interest in Fyfe which has been around since the 1980s.
Read more »
ASX 200 LIVE: Shares to rise; Tesla reports earnings; Perpetual books $5.2b in net outflows; CPI data in focusShares set to rise with tech mega caps fuelling a rally on Wall Street; Tesla jumps in after hours trading; local inflation figures at 11:30am AEST. Follow here for more.
Read more »
Private Equity: Goldman Sachs David Solomon is out earned by Harvey Schwartz at Carlyle as KKR and Apollo lead the PE executive pay stakesJumping ship from Goldman to a PE-firm is paying off for Harvey Schwartz, he now out earns Goldman CEO David Solomon by $40 million. And that’s just the start.
Read more »