Australian financial services firm Perpetual will sell its wealth management and corporate trust businesses to KKR & Co for A$2.18 billion.
The company also announced the retirement of its CEO, Rob Adams.
Perpetual’s decision to divest its corporate wealth arm comes 16 months after Perpetual acquired fund manager Pendal in a $1.6 billion deal.
KKR will take over the wealth management and corporate trust units, while Perpetual will remain as an independent asset manager overseeing about A$227 billion in assets.
Perpetual shares fell to $A22.47 following the announcement.
Chairman Tony D’Aloisio emphasized the thorough nature of the strategic review, which involved extensive management with potential bidders.
For more information, read the full article on Reuters.