Link share

Australia’s competition regulator won’t oppose Dye & Durham’s $1.7bn takeover of Link

Join now for FREE unlimited access to Reuters.com

Sep 8 (Reuters) – Australia’s competition regulator said on Thursday it would not oppose a 2.47 billion Australian dollar ($1.67 billion) acquisition of Link Administration Holdings (LNK.AX). ) by the Canadian Dye & Durham Ltd (DND.TO), if it sells its existing local business.

The Australian Competition & Consumer Commission (ACCC) said the acquisition was unlikely to “significantly lessen competition”, assuming the Canadian cloud-based software company divests its existing local business, as reported in Dye & Durham’s binding undertaking.

Link shares jumped 8.1% to 4.66 Australian dollars at 0015 GMT, their highest level since May 11.

Join now for FREE unlimited access to Reuters.com

The deal will give Dye & Durham (D&D) access to stock registry firm Link’s prized 42.8% stake in online property settlement firm PEXA Group Ltd (PXA.AX), which has been the subject of concern for the regulator. Read more

“The ACCC has been focused on ensuring that the post-acquisition market structure does not impede long-term competition,” said ACCC President Gina Cass-Gottlieb. (https://bit.ly/3x1Sc7q)

“Ultimately, the ACCC concluded that the proposed acquisition, given the divestiture commitment, would be unlikely to materially lessen competition.”

The approval follows PEXA Group’s announcement that it is acquiring UK-based mortgage processing company Optima Legal as it expects rising interest rates to prompt people to change lender looking for better rates. Read more

($1 = 1.4813 Australian dollars)

Join now for FREE unlimited access to Reuters.com

Reporting by Sameer Manekar and Jaskiran Singh in Bengaluru; edited by Uttaresh.V and Rashmi Aich

Our standards: The Thomson Reuters Trust Principles.