The Link Administration Holdings Ltd (ASX: LNK) share price is down 1% this morning after updating the market about its involvement with acquiring PEXA.
Property Exchange Australia (PEXA) is Australia’s online property exchange network. It assists lawyers, conveyancers and financial institutions lodge documents with Land Registries and complete financial settlements electronically. It had been seeking a listing on the ASX, but it is now being acquired by a consortium.
The PEXA acquisition
A consortium involving Link, Commonwealth Bank of Australia (ASX: CBA) and Morgan Stanley Infrastructure is acquiring PEXA for a enterprise vale of $1.6 billion. The consortium’s offer has now been accepted by more than 82% of PEXA’s issued shares.
Link’s ownership of PEXA will increase from the current 19.8% to between 35.1% to 44.2% depending on the remaining shareholders’ choices.
Link Group Managing Director John McMurtrie said: “Since its initial investment in 2013 Link Group has supported PEXA and its achievements and we look forward to continuing to work with management as the PEXA rollout continues.”
The Link share price is down 11% over the past year according to Google Finance.
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