(Bloomberg) -- KKR & Co. is set to buy Perpetual Ltd.’s name, along with its corporate trust and wealth management businesses, in a deal worth over A$1.5 billion ($990 million), the Australian Financial Review reported, citing unidentified people familiar with the process. 

The Australian money manager will continue as a pure-play funds management business under a new name, according to the AFR. It is expected to use the proceeds from the KKR sale to pay debt and tax, with some capital likely left to return to shareholders, the AFR said. 

Perpetual and KKR declined to comment to AFR. The two firms had entered into exclusive talks late last month.

Perpetual had started a review to unlock value for shareholders at the end of last year. It followed earlier interest in the company and its parts from EQT AB, among others. The company had also rejected a A$3.5 billion takeover offer from Australian investment house Washington H Soul Pattinson & Co. in December. 

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