Vedder Price’s client, Perpetual Limited (“Perpetual”) (ASX: PPT), has announced that it has entered into a binding Scheme Implementation Deed with Pendal Group (“Pendal”) (ASX: PDL) under which Perpetual intends to acquire 100% of shares in Pendal, bringing together two of Australia’s oldest asset management businesses.
As noted in Perpetual’s press release, the acquisition seeks to combine two highly aligned businesses to create a leading global asset manager with significant scale, a broad array of high-quality investment strategies, a global leader in ESG investing and a materially enlarged global distribution team, supported by Perpetual’s high-quality wealth management and corporate trustee businesses. The combined businesses will operate a multi-boutique platform, with Perpetual retaining the Pendal brand and those of Pendal’s subsidiaries, alongside Perpetual and its U.S. investment adviser subsidiaries Barrow Hanley and Trillium. (Vedder Price represented Perpetual in its acquisition of a majority interest in Barrow Hanley and in its acquisition of Trillium, transactions which closed on November 17, 2020 and July 1, 2020, respectively.) Perpetual’s acquisition of Pendal is currently expected to close in late calendar year 2022 or early calendar year 2023 following satisfaction of closing conditions, including Pendal shareholder, regulatory and other approvals.
Goldman Sachs is Perpetual’s lead financial adviser. Herbert Smith Freehills is acting as legal adviser to Perpetual. Vedder Price is advising Perpetual on U.S. regulatory and corporate matters relating to the transaction and with a related debt financing.
Nathaniel Segal (Investment Services) leads the team from Vedder Price, working with Investment Services colleagues Ryan M. Hajen and Christina West. Also providing key input on the transaction are Matthew T. O’Connor (Debt Financing), Brian K. McCalmon (HSR), Michael J. Turgeon (Intellectual Property), Andrew Falevich (Tax), Adam S. Lewis and Julia L. Brook (Finance & Transactions) and Andrew Torre (Real Estate). Other contributors include Aida Blekhman, Elisa Cardano Perez and Gina M. Catezone.
Perpetual, founded in 1886 and one of Australia’s largest wealth managers, is a diversified financial services company providing specialized investment management, wealth advice and corporate fiduciary services.
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