Perpetual in $450m US acquisition

Fund manager Perpetual Limited has agreed to acquire US-based investment management business Barrow, Hanley, Mewhinney & Strauss LLC for $US319 million ($A448 million).

Barrow Hanley, which manages about $US44.1 billion ($A61.9 billion) of funds, will boost Perpetual’s scale of operations and increase its underlying earnings per share by more than 20 per cent on an annualised basis, the Australian company said.

The acquisition is being funded through a combination of a new debt facility, available cash and proceeds of a A$225 million institutional placement of shares and a share purchase plan for existing shareholders to raise up to A$40 million..  

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