Perpetual Limited has agreed to sell its wealth management arm to Bain Capital in a deal valued at AUD500m ($350m) upfront, as apart of a to strategy streamline its operations and focus on its core businesses, according to a report by Reuters
The transaction also includes potential additional payments linked to the business’s performance before completion, along with an earn-out of up to AUD50m tied to post-sale results from accounting and wealth operations.
The wealth management division generated AUD235.6m in revenue in 2025, slightly up from AUD226.8m the previous year, while underlying profit before tax declined 5% to AUD51.5m.
Perpetual has been the subject of multiple takeover approaches in recent years. In 2022, it turned down a AUD1.7bn bid from a consortium including Regal Partners, and in 2023 rejected a AUD3.1bn offer from its largest shareholder, Washington H Soul Pattinson. Talks with KKR in 2024 to sell its wealth and corporate trust businesses were also terminated in favour of this standalone transaction.
Completion of the sale is expected by the end of 2026, subject to regulatory approvals and customary closing conditions. Shares of Perpetual Limited rose 1.9% following the announcement.
