07:25 AM EDT, 05/08/2024 (MT Newswires) -- KKR & Co ( KKR ) has agreed to acquire 100% of Australian company Perpetual Limited's wealth management and corporate trust businesses for AU$2.18 billion ($1.43 billion) in cash.

The acquisition is expected to be completed in February 2025.

According to terms of the agreement, Perpetual will provide transitional services to KKR for 18 months after completion, with options to extend for another 12 months.

Once the acquisition is complete, the wealth management and corporate trust businesses will continue to operate as standalone independent businesses, the company said. Perpetual's Chief Executive Rob Adams will retire after completion of the transition.

Perpetual's board has unanimously recommended shareholders vote in favor of the agreement.

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