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Australian fund manager Perpetual Ltd has officially ended discussions with private equity giant KKR regarding the sale of its wealth management and corporate trust units. The company cited shareholder interests as the primary reason for terminating the talks.
Initially announced in May last year, the A$2.2 billion ($1.4 billion) deal had been delayed due to an unexpectedly high tax bill. An independent expert reviewed KKR’s revised proposals and found them unfavorable for shareholders, leading Perpetual’s board to reject the terms.
"The board determined that the value and conditions of the revised proposals were not in the best interests of shareholders, and discussions have now ended," Perpetual stated.
Despite the deal collapse, Perpetual remains committed to selling its wealth management business separately. The company did not disclose potential buyers or a timeline for the sale.
KKR has yet to comment on the development.
The termination of talks marks a strategic shift for Perpetual as it explores new options for divesting its wealth management division while focusing on maximizing shareholder value.
