CANBERA (dpa-AFX) - Perpetual Limited (PVQ.F), an Australian investment fund, on Monday said it has agreed to sell its Wealth Management business to Bain Capital Private Equity, LP.
Under the deal, Perpetual will receive an upfront cash payment of $500 million at completion. The agreement also includes a potential additional upfront payment linked to the performance of the advice business before completion, as well as an earn-out of up to $50 million tied to the performance of the Accounting and Wealth operations two years after completion.
As part of the transaction, Perpetual will license the 'Perpetual Wealth' and 'Perpetual Private' brands to the Wealth Management business for 15 years, while retaining ownership of the broader Perpetual brand.
The transaction will be implemented through the sale of all shares in Perpetual PWM Services Pty Ltd, the head company of the Wealth Management group, on a cash- and debt-free basis.
Perpetual said net cash proceeds will be used to reduce debt and support investment in organic growth in its Asset Management and Corporate Trust businesses. After completion, the company expects its pro-forma net debt to EBITDA ratio to fall to about 0.2 times.
Perpetual will provide transitional services relating to technology and other operational services for up to 18 months after completion, with an option to extend those services for a further six months.
The companies currently expect the deal to complete by the end of this year.
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