KKR looks to buy Link’s PEXA for $3b

Link Group KKR PEXA ASX IPO CFS

28 May 2021
| By Jassmyn |
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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). 

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