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Pepper Money Limited (ASX:PPM)

ALERT: Price-sensitive ASX Announcement for PPM
Current share price for PPM : $1.615 -0.615 (-27.58%)+
Announcement
Release
3 Nov 2025 8:16AM
Price at Release
$2.230
Full Release
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Summary
Pepper Money Limited announced that a consortium, including itself and KKR, has agreed to acquire the RAMS home loan portfolio from Westpac Banking Corporation. The portfolio, valued at approximately $21.4 billion as of September 2025, consists of residential mortgages. Pepper Money will acquire the legal title to these loans and will serve as the portfolio's servicer. This acquisition is part of Pepper Money's strategy to expand its capital-light servicing business, offering benefits of scale and diversification. The transaction completion is expected in Q3 2026, pending customary regulatory approvals, including those from the Foreign Investment Review Board and the Australian Competition and Consumer Commission. KKR's investment in the portfolio forms part of their broader Asset-Based Finance strategy.
Key Points
  • Pepper Money and KKR Consortium agree to acquire RAMS Home Loan Portfolio from Westpac.
  • The portfolio comprises approximately $21.4 billion in residential mortgages.
  • Pepper Money will acquire the legal title to the loans and be appointed as the servicer.
  • The transaction aligns with Pepper Money's strategy to grow its capital-light servicing business.
  • Completion of the transaction is subject to customary conditions, including regulatory approvals.
  • KKR is investing in the portfolio from its managed credit funds as part of its Asset-Based Finance strategy.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.