Prior to the takeover bid Soul Patts launched in December 2023,...

Prior to the takeover bid Soul Patts launched in December 2023, Perpetual was made up of the following segments:
- Asset Management
- Funds Management
- Corporate Trust

Perpetual had discussed plans to de-merge the asset management arm and keep the corporate trust and funds management together which Soul Patts agreed with and backed as mentioned in the takeover proposal - they obviously saw value in demerging the segments and planned to absorb the corporate trust and funds management business and likely sell off or independently list the asset management business.

The bid by Soul Patts was declined and later down the track KKR came out on top in the deal. Funnily enough KKR is now doing the exact same thing as Soul Patts had planned to do and strip out asset management (which will become a standalone entity and also run under a different business name), and absorb the corporate trust and funds management business (along with the Perpetual brand name) as a segment within KKR.

Perpetual as we all have known it will cease to exist as a standalone entity and will just become a brand that sits in the giant structure of KKR. The KKR bid was a 100% cash deal which means when it settles Soul Patts will get a lump sum paid to them and as for the newly minted asset management company I'm not sure how that gets split out - potentially a partial equity holding.

All recent mentions point to the deal being closed up in early 2025 pending voting, approvals etc.

Read the "Completion of strategic review" announcement that Perpetual released on the 8th May 2024 and hopefully that sheds some light on it - there has also been multiple updates on the progress of the deal, some more recently mentions and updates in Perpetual's latest FY24 results.