Australia's Perpetual rises on $350 million divestment

Perpetual

16/03/2026 24:48

Updates

** Perpetual PPT.AX rises as much as 1.9% to A$16.55; marks biggest intraday gain since February

** Financial services firm enters into agreement to sell its wealth management business to Bain Capital Private Equity

** Says deal for A$500 million ($350.5 million)

** Adds net cash proceeds will be used to reduce debt, support investment in asset management and corporate trust businesses

** Citi says, "Sale terms do not seem overly attractive but still broadly reasonable for Perpetual"

** PPT down 12.4% YTD

($1 = A$1.4267)

 (Reporting by Aamir Sheik Khalid in Bengaluru)

 ((Aamir.SheikKhalid@thomsonreuters.com))