Perpetual to Pursue Wealth Management Sale, Rejects KKR Deal
Perpetual Ltd. is pursuing the sale of its wealth management business after rejecting the latest offer from KKR & Co., as the Australian financial services firm attempts to lure new offers and deliver long-term value to shareholders. The company has ended talks with KKR, citing an unexpected tax ruling that scuppered a deal last year. Perpetual will maintain its push to separate its businesses into standalone and more autonomous units.
- This rejection by Perpetual highlights the growing scrutiny of private equity firms' involvement in Australia's wealth management sector, as regulators increasingly scrutinize deal-making activities.
- What implications might this sale have for the broader Australian financial services landscape, particularly in terms of regulatory oversight and industry consolidation?