Private equity Carlyle makes $2.1 billion bid for Australia’s Link

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This is Carlyle’s second attempt at buying the Sydney-based firm after approaching late last year as part of a consortium with Pacific Equity Partners. After lobbing improved bids, the private equity duo withdrew https://www.reuters.com/article/link-admnstrn-ma-carlyle-group-idUSL4N2MK59Z earlier this year.

At the heart of a flurry of interest for Link is its stake in online conveyancing firm PEXA Group, which listed https://www.reuters.com/article/pexa-group-ipo-idUSL3N2OD1JM on the Australian stock market in July.

Link said Carlyle’s latest bid includes a A$3 per share bid in cash and a distribution of its stake in PEXA worth A$2.38 a share.

In total, Carlyle values Link at A$5.38 per share, a 24.2% premium to its closing price on Thursday. The private equity did not immediately respond to a request for comment.

Link has appointed Macquarie Capital and UBS as advisers and put off its share buyback after having purchased A$101.7 million out of the target A$150 million.

($1 = 1.3514 Australian dollars)