Perpetual Limited (ASX:PPT)says it welcomes a decision by the Supreme Court of NSW to approve its acquisition of Trust Company Limited (ASX:TRU) by way of a Scheme of Arrangement.
The acquisition will come into effect today and be completed by December 18.
Perpetual Chief Executive Officer Geoff Lloyd says the deal will deliver greater scale and capabilities across each of its three business units which will benefit shareholders and clients of both companies.
Mr Lloyd and Gillian Larkins, Perpetual's Chief Financial Officer, will join the board of The Trust Company today.
Perpetual delivered a net profit of $60.4 million in fiscal 2013.