Ask anyone who’s been involved in Perpetual’s breakup, and they’ll tell you KKR’s $2.2 billion bid for the corporate trust and wealth units has been dead in the water since December 10. That’s when the ATO’s tax bill estimate arrived, and gave critics – from hedge fund sales people to past employees – fresh ammo to lambast the deal.
Now, Perpetual’s Tony D’Aloisio-chaired board looks to have finally come to its senses on the 138-year-old giant’s M&A-fuelled debt load, talent loss and bleak future.
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Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at sarah.thompson@afr.com
Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review. Connect with Emma on Twitter. Email Emma at emma.rapaport@afr.com
