(Adds details and background from paragraph 2-5)
April 29 (Reuters) - Australia's Perpetual (PPT) said on Monday it had entered into exclusive talks with global buyout giant KKR & Co KKR.N for the potential acquisition of the financial services firm's corporate trust and wealth management business.
The potential deal would signify a further expansion of KKR's investment management footprint in Australia, whereas it would also see Perpetual turning into a asset management business. Perpetual didn't disclose any financial details of the proposed deal.
Perpetual's top shareholder, Australian diversified investor Washington H Soul Pattinson (SOL) (Soul Patts), had in December bid for the financial services company for A$3.1 billion ($2.03 billion), which Perpetual had rejected.
The Soul Patts offer had then called for Perpetual's asset management business to be spun off and distributed back to Perpetual's existing shareholders, the same business the firm is now in talks to sell.
KKR and Soul Patts did not immediately respond to Reuters' request for comments.
($1 = 1.5267 Australian dollars)
News: SOL UPDATE 1-Perpetual in talks with KKR for corporate trust and wealth management unit sale
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