Home / Business and Economy / Perpetual Sells Wealth Unit for A$500M
Perpetual Sells Wealth Unit for A$500M
16 Mar
Summary
- Perpetual Ltd. divests wealth management arm for A$500 million.
- Deal includes potential performance-based payments up to A$50 million.
- Greek shipowner navigates Strait of Hormuz amid regional tensions.
Perpetual Ltd. has agreed to sell its wealth management division to Bain Capital for A$500 million, marking a significant step in its restructuring efforts. This transaction, which has been in progress for approximately two years, aims to streamline the Australian fund manager's operations.
The sale includes an upfront payment of A$500 million, with the potential for additional performance-based payments. An earnout of up to A$50 million is also contingent on the unit's success in the two years following the sale.
In parallel, a Greek shipowner, Dynacom Tankers Management Ltd., has navigated an oil tanker through the Strait of Hormuz. This action occurs amid heightened regional tensions and follows Iran's response to attacks by Israel and the US, which has significantly disrupted oil shipping in the vital waterway.
