A blockbuster takeover,which would see the bulk of property transactions in Australia go through one mega company,looks to be on the ropes.
The competition watchdog says the takeover of administration services giant Link could impact all property transactions in Australia.
Property settlements platform PEXA is set to become the largest float in almost three years after its majority shareholder Link Administration opted to maximise the company’s potential value.
Online property conveyancer PEXA is lining up as the biggest ASX float since 2019 after its largest shareholder,Link Administration,closed the door on a trade sale.
PEXA’s largest investor,Link Administration,is mulling the future of the platform as the clock ticks on responding to a shock $3.1 billion bid from private equity giant KKR and Domain.
Private equity heavyweight KKR and Domain Holdings want the owners of the online property conveyancer to either accept or reject their offer by this Sunday.
Admin services giant Link is running a “dual track” process to determine the fate of lucrative property settlements platform PEXA.
ASX-listed Link is pursuing $75 million in cost cuttings for the year and plans to spin off its property settlements platform PEXA.
Link has told investors it has seen investor interest in its PEXA stake while the private equity consortium continues to run the ruler over the company.
ASX-listed Link told the market it had beaten expectations when it reported its revenue guidance had changed from $594 million to $597 million for the half.
The share registry services provider will pursue a demerger or trade sale of its crown jewel PEXA as its first bidder remains unmoved by the departure of its rival.