EQT lifts bid for Australian asset manager Perpetual to $2.65bn

Swedish private equity firm EQT has made a third, increased offer for Australian asset manager Perpetual, proposing AUD22.50 per share and valuing the company at about AUD2.55‑2.65 billion. The bid represents roughly a 19% premium to Perpetual's prior closing price and follows earlier proposals of AUD21.64 and AUD22.07 per share made earlier in July.

The offer is non‑binding and subject to conditions, including the completion of the sale of Perpetual's wealth‑management business to Bain Capital, regulatory approvals and satisfactory due‑diligence. Perpetual's board is reviewing the proposal with advisers and has not yet made a recommendation to shareholders. Shares rose up to 3.5% to around AUD19.59 after the announcement.

EQT, the world's second‑largest private‑equity firm after KKR, previously attempted to acquire Perpetual in 2022 via a consortium with Regal Partners. The latest bid underscores EQT's continued interest in expanding its exposure to Perpetual's wealth‑management and corporate‑trust operations.