PEXA shareholder Link says KKR offers over $2.3 bln deal for realty firm (updated)
27/05/2021 10:51
(Adds background)
May 27 (Reuters) - Private-equity giant KKR & Co KKR.N has
offered to buy online real estate company PEXA in a A$3
billion-plus ($2.32 billion) deal, top shareholder Link
Administration Holding Ltd LNK.AX said on Thursday.
Link, which owns 44.2% of PEXA, had set June as a deadline
for bidders as it evaluates a trade sale or an initial public
offering for the online conveyancing firm. urn:newsml:reuters.com:*:nL4N2MK59Z
KKR's proposal assigns an enterprise value of A$3 billion
for PEXA plus cash on its balance sheet, which was A$126 million
at the end of March. Link said it was considering the proposal.
The PE firm has given PEXA's owners until Sunday to decide
on the offer, Link said, adding that property classifieds firm
Domain Holdings Australia DHG.AX was expected to partner the
U.S. firm on the deal.
Morgan Stanley Infrastructure Partners MS.N and
Commonwealth Bank of Australia CBA.AX own the rest of PEXA.
KKR, CBA and Morgan Stanley did not immediately respond to
Reuters' requests for comment.
($1 = 1.2918 Australian dollars)
(Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by
Devika Syamnath and Vinay Dwivedi)
((NikhilKurian.Nainan@thomsonreuters.com; Twitter:
@NikhilKurianN; +91 806 182 2724;))