KKR to acquire Perpetual’s wealth management, corporate businesses for $1.4 billion

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SYDNEY — Perpetual has agreed to sell its corporate trust and wealth management businesses to buyout firm KKR in a deal worth more around 2.18 billion Australian dollars (US$1.44 billion).

The Australian financial company said Wednesday that it had concluded a strategic review, which would see it become a standalone, global multi-boutique asset management business, with the sale of the separated corporate trust and wealth management divisions to unlock value for shareholders.

Perpetual PPT, +2.23% has entered into a scheme implementation deed with an affiliate of KKR KKR, +2.56%, who will acquire 100% of the two businesses via a scheme of arrangement for a cash consideration of A$2.18 billion. This represents a valuation of 16.3 times its last 12 months’ earnings before interest and tax, said Perpetual.

The deal is expected to be completed in February 2025, subject to the satisfaction of customary conditions, said Perpetual. Its chief executive, Rob Adams, will retire following a period of orderly transition upon the completion of the deal.

The scheme is subject to a vote by Perpetual shareholders, but the board has unanimously recommended that shareholders vote in favor of the scheme, subject to there being no superior proposal and an independent expert concluding that the scheme is in the best interests of Perpetual shareholders.

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Edmund Shing, PhD

Global Chief Investment Officer
BNP Paribas Wealth Management

Edmund has over 29 years of experience in financial markets in a wide variety of positions, ranging from proprietary trading to portfolio manager in a number of financial institutions in London and Paris.  He previously held the role of Global Head of Equity and Derivative Strategy at BNP Paribas in London from 2015 to 2020, and has been Chief Investment Officer at BNP Paribas Wealth Management since November 2020.

Edmund is responsible for piloting our investment strategy and will continues to rollout out recommendations and themes with actionable advice that brings our expertise to our clients and support to our client-facing teams.  In this time of change, his expertise in following and anticipating markets is a true value added for both our customers and those at Wealth Management who serve them.

Edmund has a PhD in Cognitive and Computing Science from the University of Birmingham in the United Kingdom, and has done advanced studies in Knowledge-Based Systems and in Experimental Psychology.  He is an EFFAS-certified financial analyst. He has also authored the book “The Idle Investor” published by Harriman House in 2015, proposing 3 simple investment strategies that take only a few minutes to execute per month.

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