Perpetual in talks with KKR for corporate trust and wealth management unit sale (updated)

Washington H. Soul Pattinson and

29/04/2024 02:28

(Adds details and background from paragraph 2-5)
       April 29 (Reuters) - Australia's Perpetual  PPT.AX  said
on Monday it had entered into exclusive talks with global buyout
giant KKR & Co  KKR.N  for the potential acquisition of the
financial services firm's corporate trust and wealth management
business.
    The potential deal would signify a further expansion of
KKR's investment management footprint in Australia, whereas it
would also see Perpetual turning into a asset management
business. Perpetual didn't disclose any financial details of the
proposed deal.
    Perpetual's top shareholder, Australian diversified investor
Washington H Soul Pattinson  SOL.AX  (Soul Patts), had in
December bid for the financial services company for A$3.1
billion ($2.03 billion), which Perpetual had rejected.
    The Soul Patts offer had then called for Perpetual's asset
management business to be spun off and distributed back to
Perpetual's existing shareholders, the same business the firm is
now in talks to sell.
    KKR and Soul Patts did not immediately respond to Reuters'
request for comments. 
    


($1 = 1.5267 Australian dollars)

 (Reporting by Rishav Chatterjee in Bengaluru; Editing by Rashmi
Aich)
 ((Rishav.Chatterjee@thomsonreuters.com;))