Australia's Perpetual rises on $350 million wealth business divestment

Perpetual

16/03/2026 24:18

** Shares of Australia's Perpetual PPT.AX rise as much as 1.9% to A$16.55

** Stock hits biggest intraday gain since February 26, 2026

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

** Says deal for A$500 million ($350.45 million)

** Adds net cash proceeds from the deal to be used to reduce debt and support investment in asset management and corporate trust businesses

** Despite moves, PPT down 12.4% YTD

($1 = 1.4267 Australian dollars)

(Reporting by Aamir Sheik Khalid in Bengaluru)

((Aamir.SheikKhalid@thomsonreuters.com))