Perpetual will pay Trust Co. shareholders $6.39 a share, including a 22c dividend, with the rest to be paid in Perpetual shares or cash up to $60 million.
Perpetual said the deal would provide complementary businesses to Corporate Trust, as well as economies of scale to Perpetual Private and Perpetual Investments. Funds under advice in Corporate Trust and Perpetual Private are expected to see an increase of 50%.
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Perpetual chairman Peter Scott said: "The Trust Company represents a compelling growth opportunity and further progresses Perpetual’s vision of becoming Australia’s largest independent wealth manager of choice."
"Like Perpetual, The Trust Company has a longstanding history of acting as a fiduciary in the Australian market and we believe that the combination of these two businesses will provide substantial benefits for all shareholders, clients and staff," Scott said.
Equity Trustees (EQT) made an earlier bid in February at $5.28 per share, but was deemed too low.
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