March 16 (Reuters) - Australia's Perpetual Limited ( PPTTF ) said on Monday it agreed to sell its wealth management business to private equity firm Bain Capital for an upfront cash payment of A$500 million ($350 million).

The deal also includes a potential additional upfront payment tied to the advice business' performance before completion, as well as an earn-out of up to A$50 million linked to the performance of its accounting and wealth operations after completion.

Perpetual Limited ( PPTTF ) had unveiled a A$2.18 billion deal with KKR in 2024 to sell its wealth management and corporate trust businesses but later terminated talks with the buyout firm and said it would instead pursue a separate sale of its wealth management business.

Chief Executive Bernard Reilly said on Monday that the transaction marked a pivotal step in the company's plan to streamline its structure and focus on its two core businesses.

Perpetual added that it expects to complete the transaction toward the end of the 2026 calendar year.

($1 = 1.4306 Australian dollars)