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Link Administration Holdings Ltd (ASX:LNK) Share Price Falls On $1.6 Billion PEXA Deal

The Link Administration Holdings Ltd (ASX:LNK) share price is down 1% this morning after updating the market about its involvement with acquiring PEXA.
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Jaz Harrison

Jaz is a Staff Writer for Rask. She is a keen investor who loves to thoroughly poke holes in an investment idea before it has a chance of making it into her portfolio. Jaz invests for the long-term and doesn't sweat the small stuff. She strongly believes that empowering people with knowledge is the best way for them to take charge of their finances, which is exactly the approach she takes with her own money and investments.
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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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