Washington H. Soul Pattinson and Company to acquire Perpetual for AUD3.5bn.

Washington H. Soul Pattinson and Company, a publicly listed Australian investment company, offered to acquire Perpetual, one of Australia's largest wealth managers, for AUD3.5bn. As a long-term investor in Perpetual, WHSP has a deep understanding of Perpetual and its individual business segments, which each have different characteristics and mostly operate independently. WHSP believes the complexity of the Perpetual Group, together with the current market backdrop and Perpetual’s high financial leverage, is weighing on the share price and constraining Perpetual’s strategic flexibility. The acquisition would provide further diversification to WHSP’s portfolio and increase exposure to financial services. The Indicative Proposal demonstrates WHSP’s ability to unlock value through a creative, flexible and long-term approach