DLA Piper advises Link Group in connection with the proposed sale and successful IPO of PEXA
Global law firm DLA Piper has advised Link Group in connection with the competitive dual track process initiated by Link in respect of its 44.18% interest in digital property settlements platform PEXA, which concluded with the successful initial public offering (IPO) of PEXA and the admission of PEXA to the official list of ASX on 1 July 2021.
The trade sale process solicited bids of AUD3.1bn and the IPO of PEXA values PEXA at an enterprise value of AUD3.3 billion.
The DLA Piper team was led by corporate partners Grant Koch and Adrian Tan, together with partners James Stewart and Alex Regan, special counsel Roger Hawkins and solicitors Jake Thornton, Julia Krapeshlis and Kayla Stathis.
DLA Piper's Australian Head of Corporate Grant Koch said “the IPO of PEXA marks a significant milestone in Link’s investment journey in PEXA. Link made its initial investment in 2013, gradually increasing its stake with subsequent investment tranches before forming the consortium that successfully acquired 100% of PEXA in 2019. We are delighted to have played a key part in the latest chapter of that journey, given our role acting for the consortium comprising Link Group, Commonwealth Bank of Australia and Morgan Stanley Infrastructure when it acquired PEXA in 2019.”
DLA Piper has a long-standing relationship with Link Group, including having advised on its AUD2.3 billion IPO in 2015 and its AUD1.49 billion acquisition of Capita Asset Services in 2017, in addition to its investment in PEXA and numerous other transactions undertaken by Link Group in Australia, the UK and Europe.