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Commbank-led consortium acquires PEXA
Herbert Smith Freehills has advised the Commonwealth Bank of Australia on its successful consortium bid to acquire Property Exchange Australia Limited.
Grace Ormsby
Firm: Herbert Smith Freehills (Commonwealth Bank of Australia); DLA Piper (consortium); Mills Oakley (Link Group); Allens Linklaters (Morgan Stanley Infrastructure)
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Deal: CBA has been advised on its successful consortium bid to acquire PEXA.
Value: $1.6 billion
Area: M&A, Corporate
Key players: HSF’s team was led by Tony Damian, with senior associates Nick Conway and Li-Lian Yeo, and solicitor Timothy Coorey providing assistance.
Specialist competition and regulatory advice was provided by partner Liza Carver, with consultant Tony Coburn and solicitor Rebecca Prior.
Deal significance: CBA was joined in a consortium by existing PEXA co-shareholder Link Group, and Morgan Stanley Infrastructure partners.
CBA has been a PEXA shareholder since the company was formed in 2011.
According to a HSF statement, the bank’s continued support of PEXA aligns with CBA’s focus on core banking businesses to create a simpler, better bank for its customers.
Lead partner Tony Damian said “we were delighted to advise long-standing client CBA on another significant transaction.”
“The deal was complicated by the robust dual track sale process conducted by PEXA, which saw private acquisition bids compete against the mooted IPO to the very last moment,” he explained.
“The transaction demonstrates the growing strength of e-conveyancing in Australia, and the participation of two existing shareholders in the successful consortium highlights the faith of key industry participants in PEXA’s business model and its future growth as the market leading platform in this sector,” Mr Damian said.
