July 27 (Reuters) - Perpetual Ltd (PPT) :
- TO ACQUIRE A 75% INTEREST IN US-BASED ASSET MANAGER, BARROW HANLEY
- COMPLETION OF ACQUISITION EXPECTED BY END OF FIRST HALF FY2021
- ENTERED AGREEMENT WITH BRIGHTSPHERE INVESTMENT GROUP TO BUY BSIG'S 75% INTEREST IN BARROW HANLEY FOR US$319 MILLION
- ANNOUNCES A$225 MILLION INSTITUTIONAL PLACEMENT AND NON- UNDERWRITTEN SHARE PURCHASE PLAN TARGETING TO RAISE UP TO A$40 MILLION
- ACQUISITION IS EXPECTED TO MORE THAN TRIPLE PERPETUAL'S FUM FROM A$28.4 BILLION TO A$92.3 BILLION
- EXPECTS TO REPORT STATUTORY NET PROFIT OF $82.0 MLN AND AN UNDERLYING PROFIT AFTER TAX OF $93.5 MLN FOR FY20
- INTENDS TO CHANGE DIVIDEND POLICY IN FUTURE TO REFLECT IMPACT ON STATUTORY EARNINGS PROFILE UPON COMPLETION OF DEAL
- EXPECTS ACQUISITION TO BE DPS ACCRETIVE IN FIRST YEAR.
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