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
Australia’s largest super funds have deepened private markets exposure, scaled internal investment capability, and balanced liquidity as competition and consolidation intensify.
The ATO has revealed nearly $19 billion in lost and unclaimed super, urging over 7 million Australians to reclaim their savings.
The industry super fund has launched a new digital experience designed to make retirement preparation simpler and more personalised for its members.
A hold in the cash rate during the upcoming November monetary policy meeting appears to now be a certainty off the back of skyrocketing inflation during the September quarter.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
225.31 3 y p.a(%)
2
Loftus Peak Global Disruption Fund Hedged
120.73 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
72.47 3 y p.a(%)
4
Paradice Australian Mid Cap A
69.09 3 y p.a(%)
5
Global X Ultra Long Nasdaq 100 Complex ETF
61.94 3 y p.a(%)
