Citi mixed on Australia's Perpetual wealth unit sale to Bain Capital
16/03/2026 23:04
** Citi says Perpetual's PPT.AX sale of wealth management arm to Bain Capital is "incrementally positive", adding it should remove balance sheet concerns ** On Monday, Perpetual inked deal to sell its wealth management business to private equity firm Bain Capital for an upfront cash payment of A$500 million ($353.35 million) ** Brokerage, however, says sale price has "number of offsets" that could dilute price by around A$100 million ** Citi keeps "neutral" rating, lowers target price to A$17.30 ** Stock down over 10% this year ($1 = 1.4150 Australian dollars) (Reporting by Rajasik Mukherjee in Bengaluru) ((Rajasik.Mukherjee@thomsonreuters.com))
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