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IOOF divests stake in Perennial Value Management

IOOF Holdings Ltd. divested its holding in Perennial Value Management Ltd.

IOOF had a 52.4% equity interest in Perennial Value Management, but 42.4% voting rights and dividend entitlements.

The financial terms of the deal were not disclosed, but IOOF noted that the consideration for the transaction was supported by an independent valuation.

The divestment will allow IOOF to focus on its core wealth management capabilities, said Renato Mota, the company's CEO.

IOOF said that Perennial Value Management's contribution to its underlying profit, the expected minor loss on sale and the sale proceeds are not material to the company.