KKR to Buy Perpetual's Corporate Trust, Wealth Management Units for $1.44 Billion

SYDNEY—Perpetual is set to sell its corporate trust and wealth management businesses to buyout firm KKR in a deal worth around 2.18 billion Australian dollars (US$1.44 billion). Perpetual announced that it had concluded a strategic review and will become a stand-alone, global multi-boutique asset management business. The sale of the corporate trust and wealth management divisions is expected to unlock value for shareholders.