Perpetual shares fall after $2.18 billion KKR deal

Shaw Partners Senior Investment Advisor Adam Dawes says banks will be “getting rich” while shareholders suffer as financial services company Perpetual will be broken up in a $2.8 billion deal.
Global private equity giant KKR will acquire Perpetual's corporate trust and wealth management businesses as well as the famous brand name.
If approved by shareholders and regulators, the asset management arm of the company will remain a standalone business, which will be rebranded.
Perpetual's chief executive Rob Adams will retire following the completion of the transaction, which is expected to be in February 2025.
“It certainly shows that the market is looking for a lot of detail that’s going in there,” Mr Dawes told Sky News Australia of the fallen shares.
“The banks are the ones getting rich out of this, but the poor shareholders are probably not doing so well out of this deal so far today.”

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