OTTAWA (dpa-AFX) - Australian funds manager Perpetual Limited (PPT.AX) agreed to sell its Wealth Management and Corporate Trust businesses to an affiliate of Kohlberg Kravis Roberts & Co. L.P. for A$2.175 billion in cash.
Perpetual's Board unanimously recommends shareholders vote in favour of the deal subject to there being no superior proposal and an Independent Expert concluding that the deal is in the best interests of Perpetual shareholders.
Perpetual noted that a transitional services agreement will be entered into for a period of 18 months post Completion, with options to extend for a further 12 months.
Completion is anticipated to occur in February 2025, subject to satisfaction of customary conditions.
Perpetual noted that the Group Managing Director and CEO, Rob Adams will retire following a period of orderly transition upon Completion. Non-executive Director, Gregory Cooper has been appointed as Deputy Chair to assist the Board with the Asset Management business and will chair a sub-committee to recruit a new CEO of Asset Management.
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