King & Wood Mallesons (KWM) is proud to have assisted Pendal in reaching agreement to combine with fellow funds manager Perpetual.
Perpetual’s $2.5 billion cash and share offer to acquire 100% of Pendal shares by way of scheme of arrangement recognises the value Pendal has created by building a quality investment team, sustainable and impact investing capability and impressive global distribution capability. The combination will create a $201 billion global funds management business and Pendal shareholders will hold approximately 47% of the combined entity.
KWM M&A partner Rob Kelly led a KWM team that also included M&A partners David Eliakim and David Friedlander, with support from Senior Associate Ned Sutton.
Commenting on the deal Rob Kelly said:
“Congratulations to the fantastic Pendal deal team. This deal was made possible by working closely together through an extensive due diligence and negotiation process at a challenging time for global markets and the funds management industry. To succeed in reaching this milestone is a real achievement for all involved.”
Subject to customary conditions precedent, including obtaining Pendal shareholder approval, the transaction is expected to complete late 2022 or early 2023.
