Perpetual Limited → Pendal Group Limited
completedPerpetual agreed to acquire Pendal Group, creating a combined multi-boutique global asset manager with more than $200 billion in assets under management, including Pendal's Thompson, Siegel & Walmsley and J O Hambro Capital Management brands.
Perpetual sought scale and international diversification to compete globally as a multi-boutique asset manager, gaining Pendal's offshore distribution and investment teams.
Pendal's board viewed combining with Perpetual as accelerating both companies' global growth ambitions while retaining brand and investment-team autonomy for its underlying boutiques.
Pendal shares surged about 24% to $5.56 on the announcement, while Perpetual shares fell around 6.5% after entering a trading halt.
Deal mechanics
Herbert Smith Freehills (legal)
King & Wood Mallesons (legal)
Scheme of arrangement: one Perpetual share plus $1.976 cash for every 7.50 Pendal shares held
Pendal shareholder approval, Federal Court approval and other regulatory conditions; completed January 2023
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