Australia's Perpetual gets sweetened $1.75 billion bid from EQT

• EQT's revised offer values Perpetual at A$2.50 billion ($1.75 billion), representing an increased bid after the initial proposal was rejected
• Perpetual had previously turned down EQT's earlier takeover attempt earlier in July 2025
• The proposal remains non-binding, meaning terms are still subject to negotiation and formal agreement

Summary

Key Development:

Swedish private equity firm EQT AB has submitted a revised takeover proposal for Australian financial services provider Perpetual, valuing the company at A$2.50 billion (US$1.75 billion). This represents a sweetened offer after Perpetual rejected EQT's initial bid earlier in July.

Transaction Details:

• The proposal remains non-binding at this stage
• Valuation: A$2.50 billion / US$1.75 billion
• Exchange rate: US$1 = A$1.4310
• Timeline: Initial rejection occurred earlier in July 2025; revised offer announced July 15

Companies Involved:

• Perpetual: Australian financial services provider, takeover target
• EQT AB: Swedish private equity firm, acquirer

Market Implications:

The improved bid signals EQT's strong interest in expanding its presence in Australia's financial services sector despite initial resistance. Perpetual's rejection of the first offer suggests management may be seeking a higher valuation or has concerns about the transaction structure. The revised proposal indicates ongoing negotiations and potential for a deal, though the non-binding nature means terms remain subject to change.

The transaction, if completed, would represent a significant cross-border M&A deal in the financial services space, reflecting private equity's continued appetite for asset and wealth management platforms in developed markets. Perpetual shareholders and the board will now need to evaluate whether the enhanced terms warrant engagement or if further improvements are necessary.

Status: Awaiting Perpetual's response to the revised proposal.