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BRIEF-Perpetual To Acquire 75% Interest In Barrow Hanley

Published 27/07/2020, 09:52 am
© Reuters.
PPT
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July 27 (Reuters) - Perpetual Ltd PPT.AX :

* TO ACQUIRE A 75% INTEREST IN US-BASED ASSET MANAGER, BARROW HANLEY

* COMPLETION OF ACQUISITION EXPECTED BY END OF FIRST HALF FY2021

* ENTERED AGREEMENT WITH BRIGHTSPHERE INVESTMENT GROUP TO BUY BSIG'S 75% INTEREST IN BARROW HANLEY FOR US$319 MILLION

* ANNOUNCES A$225 MILLION INSTITUTIONAL PLACEMENT AND NON- UNDERWRITTEN SHARE PURCHASE PLAN TARGETING TO RAISE UP TO A$40 MILLION

* ACQUISITION IS EXPECTED TO MORE THAN TRIPLE PERPETUAL'S FUM FROM A$28.4 BILLION TO A$92.3 BILLION

* EXPECTS TO REPORT STATUTORY NET PROFIT OF $82.0 MLN AND AN UNDERLYING PROFIT AFTER TAX OF $93.5 MLN FOR FY20

* INTENDS TO CHANGE DIVIDEND POLICY IN FUTURE TO REFLECT IMPACT ON STATUTORY EARNINGS PROFILE UPON COMPLETION OF DEAL

* EXPECTS ACQUISITION TO BE DPS ACCRETIVE IN FIRST YEAR.

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