Perpetual Limited, an Australian fund management company, has decided to sell its Wealth Management and Corporate Trust divisions to an affiliate of Kohlberg Kravis Roberts & Co. L.P. This sale, valued at AUD 2.175 billion, will be transacted in cash.
The board of Perpetual unanimously proposed that shareholders approve the sale, providing there aren't any superior offers and an Independent Expert deems the transaction favorable for the company's shareholders.
After the completion of the sale, a transitional services agreement will be implemented for an 18-month period, which can be extended for an additional 12 months, if necessary.
The completion of the sale is projected to take place in February 2025, subject to certain customary conditions being met.
The Group Managing Director and CEO of Perpetual, Rob Adams, plans to retire after a smooth transition post-completion. In preparation for this change, Non-executive Director Gregory Cooper has been appointed Deputy Chair to assist the board with the Asset Management division. He will preside over a subcommittee tasked with finding the new CEO for Asset Management.
