EQT pursuit of Perpetual takeover

In late July 2026, Swedish private‑equity firm EQT raised its bid for Australian asset manager Perpetual to a valuation of about AUD 2.55‑2.65 billion, offering AUD 22.50 per share – roughly a 19% premium to the closing price. The non‑binding offer was subject to regulatory approvals, the sale of Perpetual’s wealth‑management arm to Bain Capital, and satisfactory due‑diligence. Perpetual’s board began reviewing the proposal but had not yet issued a recommendation, and the company’s shares rose modestly after the announcement.

Three days later, EQT announced the sale of its stake in SaaS provider Quantios to Vista Equity Partners and continued to increase its takeover proposals for Perpetual, now valuing the group at up to AUD 2.65 billion. Perpetual’s board rejected the latest offer, citing concerns over its terms, but permitted EQT limited access to non‑public information to enable a revised bid. The transaction remains pending regulatory clearance and is expected to conclude in the final quarter of 2026.