Fast growing e-conveyancing business PEXA is to be spun out of Link Administration. This is the Link board's response to a takeover from private equity which allegedly undervalued the technology business.
The long-awaited IPO of e-conveyancing company PEXA could happen as soon as February after Link Administration committed to a demerger of the business in its rejection of a $5.20-a-share bid takeover proposal from Carlyle Group and Pacific Equity Partners.
An IPO of PEXA could value the fast-growing business at between $2.5 billion and $3 billion depending on the multiples used.
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Tony Boyd is the former Chanticleer columnist. He has more than 35 years' experience as a finance journalist. Connect with Tony on Twitter. Email Tony at tony.boyd@afr.com
