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Australia's Perpetual to buy majority stake in U.S.-based Barrow Hanley for $319 mln

Credit: REUTERS/Rick Wilking

Australian fund manager Perpetual Ltd on Monday said it will buy a 75% stake in U.S.-based asset manager Barrow Hanley for $319 million, as it seeks to expand its global footprint and diversify investment areas.

July 27 (Reuters) - Australian fund manager Perpetual Ltd PPT.AX on Monday said it will buy a 75% stake in U.S.-based asset manager Barrow Hanley for $319 million, as it seeks to expand its global footprint and diversify investment areas.

The acquisition will be funded through an equity raise, debt facility and available cash, Perpetual said in a statement.

It expects the acquisition to triple its funds under management to A$92.3 billion ($66 billion) from A$28.4 billion.

($1 = 1.4090 Australian dollars)

(Reporting by Shriya Ramakrishnan in Bengaluru; Editing by Himani Sarkar)

((Shriya.Ramakrishnan@thomsonreuters.com; +91 8061822842 ;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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