Australia's Link slides: drops PEXA stake sale, opts for IPO
31/05/2021 03:39
(Updates numbers, adds details)
** Shareholder registry firm Link Administration Holdings
Ltd LNK.AX slides 6.1% to A$5.12
** LNK has scrapped a stake sale of PEXA and plans to
instead go ahead with an IPO for online realty company PEXA this
June
** PEXA is expected to go public with an enterprise value of
A$3.3 bln ($2.54 bln), LNK says, where it will receive at least
A$50 mln in cash from the IPO
** LNK to also raise its stake from 44% to 47%
** KKR & Co KKR.N had made a A$3 bln-plus proposal to buy
PEXA, setting the Sunday that passed as a deadline urn:newsml:reuters.com:*:nL3N2NE2QD
** Domain Holdings Australia DHG.AX has also pulled out of
process with KKR
** Sources told Reuters over the weekend that PEXA had
raised A$1.177 bln in an underwritten IPO at A$17.13 per share,
making it Australia's largest this year urn:newsml:reuters.com:*:nL2N2NG045
** LNK shares fall by their most since April 28
** Shares changed hands nearly 2-times their 30-day averages
** Under the IPO, Morgan Stanley Infrastructure Partners
will sell its 40% stake, while Commonwealth Bank of Australia
CBA.AX will raise its holdings to 17% from 14% - sources
(Reporting by Anushka Trivedi and Nikhil Nainan in Bengaluru)
((Anushka.Trivedi@thomsonreuters.com; +918061823241;))