Financial services

Facilitating the creation of a leading ASX-listed fund manager

Macquarie Capital acted as financial adviser to Pendal Group Limited (Pendal) on its ~$A2.4 billion acquisition by Perpetual Limited (Perpetual)

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Sector Financial services
Sub-sector Wealth management
Location Australia


Macquarie Capital was engaged by Pendal, a leading ASX-listed fund manager, on its response to an unsolicited takeover bid received from Perpetual.

Macquarie was engaged due to its deep knowledge of the Pendal business, having advised on its IPO and prior acquisitions. Leveraging this and its broader fund management sector and leading public market M&A expertise, Macquarie was best positioned to help Pendal maximise shareholder value.

The transaction was executed in a period of significant market volatility in mid-2022, driven by heightened geopolitical tensions and macroeconomic challenges including interest rate increases and inflationary pressure.


Macquarie supported Pendal by performing rigorous financial analysis and valuation work on the business as a standalone company to enable an assessment of Perpetual’s takeover offer.

Macquarie navigated complex stakeholder dynamics to ensure an optimal outcome for Pendal shareholders and that an appropriate valuation was reached. After an increased offer from Perpetual, Pendal and Perpetual entered into a binding Scheme Implementation Deed (SID).

Following the signing of the SID, Macquarie navigated a novel set of circumstances when Perpetual received a takeover offer that was conditional on Perpetual’s acquisition of Pendal not proceeding. Throughout the process, Macquarie provided bespoke advice in the context of the unique legal situation and its potential commercial consequences.


This transformative ~$A2.4 billion transaction has created a leading global fund manager with significant scale and reach. The deal represented the second-largest Australian financial services M&A transaction announced in 2022.1 

The combined business will have ~$A200 billion in funds under management and will benefit from a more diversified investment offering and strong ESG and responsible investment capabilities.

The transaction resulted in a highly attractive valuation and premium for Pendal shareholders with the implied value representing a 46 per cent premium to Pendal’s undisturbed share price.


second-largest Australian financial services M&A transaction announced in 20221

46 per cent

premium to Pendal’s undisturbed share price

Leading global fund manager

with strong ESG and responsible investment capabilities

~$A200 billion

funds under management in the combined business 

1. Source: Dealogic. Ranked by deal value.

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