(Bloomberg) -- KKR & Co. will buy the wealth management and corporate trust units of Australian fund manager Perpetual Ltd. for A$2.175 billion ($1.43 billion), ending a months-long sale process. 

The Sydney-based business has entered into a cash deal with the US firm, the company said in a statement Wednesday. The group’s chief executive Rob Adams will retire following the deal’s completion, the company said.

The deal will leave Perpetual as a standalone “multi-boutique” asset manager that oversees A$227 billion across a variety of strategies. Active funds that are run under the Perpetual corporate banner include Trillium, Barrow Hanley and Pendal. 

Suitors had been stalking the company for these parts of the business outside of active funds for some time. In December, Perpetual rejected a A$3.5 billion takeover offer from Australian investment house Washington H Soul Pattinson & Co. 

It was not the company’s first unsolicited overture. The company also rejected a A$1.7 billion takeover offer from a consortium comprising EQT AB-backed Barings Private Equity fund and Australian portfolio manager Regal Partners Ltd in November 2022.

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