Perpetual Ends Talks with KKR, Confirms Wealth Management Sale
Australian fund manager Perpetual Ltd. (PPT.AX) has discontinued discussions with KKR (KKR.N) regarding the sale of its wealth management and corporate trust units. This announcement comes after the company's decision to pursue the separate sale of its wealth management business.
The proposed deal with KKR, initially announced in May 2023, was deemed unfavorable to shareholders by an independent expert. Perpetual's board concluded that the value and terms of the revised proposals, along with the associated conditions, did not align with the best interests of investors, leading to the termination of discussions.
Perpetual remains committed to exploring the sale of its wealth management business. KKR has not yet responded to Reuters' request for comment.
The potential A$2.2 billion ($1.40 billion) transaction with KKR had been paused for the past two months due to Perpetual receiving an unexpectedly high tax bill.
