Private-equity giant KKR & Co has offered to buy online real estate company PEXA in a $2.32 billion deal, top shareholder Link Administration Holding Ltd 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.
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 was expected to partner the U.S. firm on the deal.
Morgan Stanley Infrastructure Partners and Commonwealth Bank of Australia own the rest of PEXA.
KKR, CBA and Morgan Stanley did not immediately respond to Reuters’ requests for comment.
Source: The Middle Market
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