KKR → Perpetual's Wealth Management and Corporate Trust businesses
withdrawnKKR agreed to acquire Perpetual's Wealth Management and Corporate Trust businesses for A$2.175 billion, following a strategic review that concluded a sale of these units would deliver more value than retaining them within a diversified group, leaving a leaner, pure-play global asset manager.
KKR sought to acquire scaled, cash-generative Australian wealth management and corporate trust platforms, valued at a reported 13.7x LTM EBITDA.
Perpetual's board pursued the sale after a six-month strategic review found that separating the two divisions and returning to a pure-play asset management focus would create superior shareholder value versus a full demerger.
Perpetual shares fell around 7% following the announcement, reflecting investor skepticism about the deal terms and structure.
An adverse tax ruling later reduced the effective value of the deal, and the transaction faced renegotiation through 2024 before a revised structure was agreed.
Deal mechanics
Gilbert + Tobin
Scheme of arrangement sale of two business units
13.7x LTM EBITDA / 16.3x LTM EBIT
Subject to Perpetual shareholder vote and customary conditions
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