• Perpetual to sell Wealth Management business to Bain Capital for $500 million upfront payment
• Perpetual to retain 'Perpetual' brand, license 'Perpetual Wealth' and 'Perpetual Private' brands to buyer
• Transaction to strengthen Perpetual's balance sheet and simplify business focus on asset management and corporate trustee services

Perpetual Limited ('Perpetual') has announced it has entered into a binding agreement to sell its Wealth Management business to Bain Capital Private Equity, LP ('Bain Capital'). The total consideration comprises an upfront cash payment of $500 million (subject to adjustments), a potential additional upfront payment based on the performance of the advice business prior to completion, and an earn-out payment of up to $50 million relating to the performance of the Accounting and Wealth operations following completion. As part of the transaction, Perpetual will license the 'Perpetual Wealth' and 'Perpetual Private' brands to the Perpetual Wealth Management Group for 15 years, while retaining all rights to the 'Perpetual' brand. The transaction is subject to regulatory approvals and is expected to complete towards the end of 2026. Net cash proceeds will be used to reduce debt and support investment in Perpetual's asset management and corporate trustee services businesses. Following completion, Perpetual expects to have a pro-forma net debt to EBITDA ratio of around 0.2x. The sale is a pivotal step in Perpetual's strategy to simplify and transform the business, allowing it to focus on its core offerings while strengthening its balance sheet and ability to invest for future growth.