KKR and its junior consortium partner Domain Holdings are trying to force a quick decision by the owners of electronic conveyancing group PEXA as it heads into the final stages of a dual-track strategic review, weighing up whether to offload the business in a trade sale, or float the entity onto the ASX.
Link Group, the largest shareholder in PEXA with 44.2 per cent, said both parts of the dual-track process are continuing but it is considering a $3.1 billion KKR-Domain buyout proposal, which has a deadline of 5pm on Sunday for acceptance. Link said the enterprise value of the proposal by KKR-Domain is $3 billion, plus $126 million in cash on the balance sheet. KKR is the major driver and makes up 90 per cent of the KKR-Domain consortium.
The KKR-Domain consortium is competing against rivals including Canadian group Dye & Durham in the trade sale part of the dual-track process. Dye & Durham was thought to be accelerating its number-crunching on Friday on its own buyout proposal for PEXA which may be lodged by Sunday too. But the Canadian group could run into issues with the Australian Competition and Consumer Commission which in late March began a review into Dye & Durham’s proposed separate acquisition of property software group GlobalX.
