KKR looks to buy Link’s PEXA for $3b
Superannuation administrator, Link Group has received an offer from Kohlberg Kravis Roberts and Co (KKR) to buy 44.18% of its property settlement business, PEXA.
An announcement to the Australian Securities Exchange (ASX) said the proposal represented an enterprise value for 100% of PEXA at $3 billion plus cash on the balance sheet. Cash on the balance sheet as at 31 March, 2021 was $126 million.
Link said it was considering the proposal but, as no decision had been made, both the trade sale process and exploration of the viability of an initial public offering continued to proceed.
KKR also recently bought a 55% interest in Colonial First State (CFS).
Recommended for you
The financial services technology firm has officially launched its digital advice and education solution for superannuation funds and other industry players.
The ETF provider has flagged a number of developments as it formally enters the superannuation space through a major acquisition.
While all MySuper products successfully passed the latest performance test, trustee-directed products encountered difficulties.
Iress has appointed Insignia Financial’s former general manager of master trust and insurance products as its newest CEO of superannuation, who will take over from Paul Giles.
