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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The prudential regulator has announced it will publish new expenditure data of superannuation funds, providing details on expenses like advice, director remuneration, and payments to unions.
Affirming the UK’s growing attractiveness as an investment destination, a number of Australia’s largest investors recently joined the UK Foreign Secretary for an exclusive briefing in Canberra to discuss further opportunities for trade and growth.
The specialist superannuation law advisory practice is set to wind up, with managing partner Jonathan Steffanoni planning to bring a new offering to market.
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