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Perpetual facing break-up as reports say KKR wins through

Mike Taylor8 May 2024
Big shark amid little sharks

Perpetual Limited is reported to be facing being broken up with the company expected to announce to the Australian Securities Exchange today the terms of a transaction with major private equity player, KKR.

The reports say that the transaction, which has been on foot for weeks, will see Perpetual continue as a funds management business with KKR taking the firm’s corporate trust and wealth businesses.

The expected announcement is consistent with the outcome of a Strategic Review initiated by the Perpetual Board five months’ ago.

The transaction in regarded as in large measure reflecting market unease as Perpetual’s 2022 acquisition of funds management rival, Pendal.

KKR already has a solid foothold in the Australian financial services sector via its acquisition of Colonial First State from the Commonwealth Bank.

 

Mike Taylor

Mike Taylor

Managing Editor/Publisher, Financial Newswire

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