KKR & Co. Inc. (NYSE:KKR) agreed to acquire Wealth Management and Corporate Trust businesses of Perpetual Limited (ASX:PPT) for AUD 2.1 billion on May 8, 2024. Wealth Management and Corporate Trust businesses of Perpetual reported AUD 130 million of EBIT and AUD 160 million of EBITDA.

The consideration represents a 13.7x EBITDA and 16.3x EBIT. The transaction involves a termination fee of AUD 21.75 million. BofA Securities and Goldman Sachs are acting as financial advisers on the transaction.

Luminis Partners is acting as independent advisers to the Board of Perpetual. Herbert Smith Freehills is acting as legal adviser to Perpetual. Link Market Services Limited acted as registrar.

Jefferies LLC acted as financial advisor to KKR & Co. Inc.