King & Wood Mallesons (KWM) has advised Perpetual Limited on the sale of its Wealth Management business to Bain Capital for approximately $550 million.
The transaction includes an upfront cash payment of $500 million at completion, subject to customary adjustments, and a potential earn-out of up to $50 million based on the post-completion performance of the Accounting and Wealth operations.
As part of the transaction, Perpetual will license the ‘Perpetual Wealth’ and ‘Perpetual Private’ brands to the Perpetual Wealth Management Group for a period of 15 years, while retaining ownership of the broader ‘Perpetual’ brand.
This move represents an important milestone in Perpetual’s strategy to simplify and reshape its operating model. Completion is expected towards the end of the 2026 calendar year.
The cross-practice KWM team was led by Partner Peter Stirling, with support from Partners Meredith Paynter, Bryony Evans, Greg Protektor, Stephen Jaggers and Patrick Gunning, and Senior Associates Maggie Chan, Samuel Higgs, Charles Davies and Wendy Miller.
Commenting on the transaction, Partner Peter Stirling said:
“We are proud to have supported Perpetual on this significant transaction. The deal reflects a clear strategic focus for the business, and we are pleased to have worked closely with the Perpetual team to help deliver an outcome aligned with their long‑term transformation agenda.”
