Australia-based Perpetual has got a new proposal for its wealth management and corporate trust businesses from an affiliate of Kohlberg Kravis Roberts & Co. (KKR).
In December 2024, Perpetual disclosed that the estimated cash proceeds from the A$2.2bn ($1.40bn) deal would be reduced due to the unexpected tax bill, with share prices potentially dropping to A$5.74 to A$6.42 from the initial A$8.38 to A$9.82 range.
An independent expert’s report at the time concluded that the deal was not in the best interests of shareholders.
Since its announcements in December 2024, Perpetual has remained in discussions with KKR, receiving non-binding, conditional, indicative proposals, referred to as “Revised Proposals”.
The specifics of the latest revised proposal, including the financial terms, remain under negotiation, with the net proceeds for shareholders yet to be determined.
The Perpetual Board is currently evaluating the revised proposal and its terms. They have assured shareholders that they will provide updates on the engagement with KKR in due course.
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At present, shareholders have been advised not to take any action, stated the company.
Perpetual is a global finance company offering asset management, wealth management, and trustee services.
Based in Sydney, it owns top brands such as Perpetual, Pendal, and Barrow Hanley, catering to high-net-worth individuals, nonprofits, and private firms through Perpetual Private and others.
Its corporate trust arm supports funds and debt markets, with a digital expansion via Laminar Capital. Based in Sydney. It operates worldwide with offices in Asia, Europe, the UK, and the US.
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