- Perpetual said on Wednesday that buyout giant KKR & Co would acquire its wealth management and corporate trust businesses for A$2.18 billion , sending the Australian financial services firm's shares to a five-month low.
Shares of the Australian company fell as much as 6.5% to A$22.47, as of 0134 GMT, to hit their lowest since December 5. The buyout leaves Perpetual as a standalone asset management business that will manage around A$227 billion in assets and will help the global investment firm expand its footprint in Australia.
In December, top shareholder Washington H Soul Pattinson made a bid worth A$3.1 billion for Perpetual, which it had rejected.
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