EQT, a Swedish private equity firm, has increased its bid for Perpetual, an Australian financial services group, to £1.4 billion. This move is significantly higher than EQT's initial offer of £700 million, which was made in June 2026. The increased bid is a result of EQT's desire to acquire Perpetual, which provides financial services including asset management and investment advice.
Perpetual's board has been resistant to EQT's initial offer, citing concerns over the potential impact on the company's business and employees. However, it remains to be seen whether the revised bid will be accepted by the board. The deal is subject to regulatory approval and is expected to be completed in the coming months, pending a thorough review.
The acquisition of Perpetual by EQT could have significant implications for the Australian financial services sector. EQT has a track record of investing in and growing financial services businesses, and it is likely that the company will seek to leverage Perpetual's expertise and assets to expand its operations.
EQT has stated that it is committed to preserving Perpetual's culture and values, and to maintaining the company's independence and autonomy. However, the acquisition could also lead to job losses and changes to Perpetual's business model.
Under UK consumer law, individuals who invest in Perpetual's financial services products are protected by the Financial Ombudsman Service (FOS). The FOS provides a free and independent service for resolving disputes between consumers and financial services providers.