Swedish private equity firm EQT Partners is advancing a bid to acquire Australian wealth manager Perpetual Limited in a transaction valued at approximately $1.7 billion.
The move follows Perpetual's disclosure on Wednesday that it is vetting a change-of-control process, a development that has triggered significant interest from institutional investors and market participants.
The deal comes at a time when the private equity industry is grappling with a massive backlog of unsold assets, estimated at $4 trillion globally.
EQT is being advised by Barrenjoey Capital Partners on the potential acquisition.
Perpetual, which manages a substantial portfolio of superannuation and investment assets, has engaged Bank of America as its financial advisor.
The emergence of EQT as a serious suitor signals a shift in the private equity landscape, where large-scale buyouts of listed financial services firms are becoming more common despite broader market headwinds.
The deal comes at a time when the private equity industry is grappling with a massive backlog of unsold assets, estimated at $4 trillion globally.