$1.6 billion PEXA acquisition given shareholder approval
12 November 2018, Written by Business News Australia
The consortium scooping up Brisbane tech-company PEXA has been given the green-light to go ahead with the acquisition.
The offer to acquire PEXA, made by a consortium comprised of Link Group, Commonwealth Bank, and Morgan Stanley Infrastructure, has been accepted by shareholdings representing more than 82 per cent of PEXA's issued capital.
The consortium will pay an enterprise value of $1.604 billion for PEXA.
Completion of the sale remains subject to a range of conditions precedent which are expected to take around two months to be met.
Link Group managing director John McMurtrie says the consortium is pleased with today's result.
"Link Group is pleased that, alongside its Consortium partners, it has been successful in acquiring PEXA," says McMurtrie.
"Alan Cameron, Marcus Price and the PEXA team have done an exceptional job of developing and delivering on the vision of an electronic conveyancing system for Australia. 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."
Business News Australia
Author: Business News Australia