Australian financial services company Perpetual Limited has struck a deal to sell its wealth management division to private equity firm Bain Capital for $350 million in cash. The transaction includes potential additional payments and is expected to close by the end of 2026.
Australian financial services company Perpetual Limited announced Monday it has reached an agreement to divest its wealth management division to private equity giant Bain Capital in a deal worth A$500 million ($350 million) in immediate cash.
The transaction structure includes possible additional upfront compensation based on how well the advisory business performs before the deal closes, plus potential earn-out payments of up to A$50 million tied to post-completion performance of the accounting and wealth operations.
This sale comes after Perpetual Limited had previously announced a massive A$2.18 billion agreement with KKR in 2024 to offload both its wealth management and corporate trust divisions. However, the company later ended those negotiations with KKR and decided to pursue selling the wealth management business separately.
Company Chief Executive Bernard Reilly stated Monday that this deal represents a crucial milestone in the firm’s strategy to simplify its organizational structure and concentrate on its two primary business areas.
The company anticipates finalizing this transaction by late 2026, according to Perpetual’s announcement.
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