Perpetual has effectively rejected a report that one of the prospective bidders for its wealth management business is considering pulling out of the sale process.
The financial services company was responding to an article in the Australian Financial Review (AFR) newspaper, which reported Oaktree Capital Management was “seriously weighing withdrawing from the process”.
The AFR claimed Oaktree, which was looking to make an offer via AZ Next Generation Advisory, was “fed up” that the Perpetual Board had strung it along for 150 days.
In an ASX announcement, Perpetual said it noted media speculation regarding the proposed sale.
“Perpetual is continuing to progress the sale of the business and is currently in discussions with more than one interested party,” the company said.
“Perpetual will keep shareholders and the market informed in-line with its continuous disclosure obligations.”
The 139-year-old company had been put into play in December 2023 when Washington H. Soul Pattinson launched an offer for the whole company worth $3 billion.
Perpetual rejected it and instead revealed plans to split its asset management business from its wealth management and corporate trust businesses, prompting offers in January 2024 from TA Associates for the wealth business and from EQT Partners for the corporate trust business.
In May 2024, private equity giant Kohlberg Kravis Roberts (KKR) agreed to buy the businesses for $2.175 billion, but revised the offer down to $916 million in February 2025 after receiving an adverse tax ruling and pulled out when this was also resisted.
At the time of writing, Perpetual shares were trading 64 cents (3.17%) lower at $19.53, capitalising the company at $2.24 billion.
