☕️ Perpetual in motion

Good morning.

Perpetual is set to be split up and sold.

KKR has reportedly sealed a $1.5 billion deal for Perpetual’s wealth management and corporate trust business, along with its almost 140-year-old name.

The old listed-funds management business will remain but will require a rebrand, with the sale proceeds expected to be used to repay debt and return capital to shareholders.

🏆 LOI Subscriber #TBD

Market movers

Shares in HMC Capital popped on Tuesday after the alternative asset manager indicated operating EPS was tracking 21% above guidance.

It came on the same day, HMC announced former Prime Minister Julia Gillard would chair its $2 billion energy transition fund, due to launch later this year.

The quick sync

• CEO Dean Mintz makes rare public appearance to distance Cettire from fallen rivals (Capital Brief)

• Tesla must explain its rationale behind the recall of 2m vehicles to the regulator after crashes persisted (WSJ)

• Dexus and Stockland warn 'decision aversion' is dragging on the office tower market (Capital Brief)

• Disney shares tumble on shrinking TV revenue (Capital Brief)

• The US has begun revoking export licences for Huawei, restricting its chip supply (Financial Times)

• Merger and foreign investment review reforms will speed up deals (Capital Brief)

• TikTok challenges US ban in court (WSJ)

Trading floor

M&A

• Sierra Rutile met with Gemcorp, its largest shareholder, amid a low bid rejection from PRM Services. (AFR)

• Macquarie Technology founders sell shares, facilitated by E&P Capital. (AFR)

• Treasury Wine Estates unlikely to join wine sector consolidation. (The Australian)

• Five V Capital eyes acquisition of Habit Health, NZ's largest health provider, in a renewed auction. (AFR)

• Pembroke Resources to sell majority stake in Olive Downs project, possibly fetching over $1bn. (The Australian)

• Louis Dreyfus Company ups its bid for Namoi Cotton after rejecting a rival offer from Olam Agri. (Capital Brief)

• NetComm, a Sydney tech company, is saved by a $150m acquisition by a Nasdaq-listed firm. (AFR)

• EBOS CEO John Cullity rules out future bid for Greencross pet-care business. (The Australian)

• Leaked documents show Bonza's backers planned to wind up the airline before its collapse, indicating coordination between financiers and owners. (AFR)

• Tyro Payments' share price decline post-rejected takeover bid signals challenges for potential buyers. (The Australian)

Capital Markets

• Cann Group secures $5m funding to sustain operations for the next year, amid preparations for its major Mildura facility investment. (BNA)

• Southern Cross Produce, a major supplier to Australian supermarkets, enters administration due to debt and working capital issues. (BNA)

• Breakthrough Victoria faces a $360m funding cut over four years in the state budget, amidst criticism and advocacy for its abolition. (Startup Daily)

VC

• None

People moves

• Lowy-backed Assembly appoints Tim Meurer as new CIO. (AFR)

• Perpetual CEO Rob Adams resigns as KKR takes control following a strategic review and bidding process. (AFR)

Together with Tribe Global Ventures

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The watercooler