The Carlyle Group launches $2.88 billion bid to buy Link Group
Australian fintech Link Group (ASX: LNK) has today received a $2.88 billion bid from a fund managed by US multinational private equity firm The Carlyle Group.
Under the proposal, Carlyle Asia Partners V, L.P. would buy each LNK share for $3 in cash plus a pro rata distribution of Link’s shareholding in conveyancing firm PEXA Group (ASX: PXA), valued on a lookthrough basis at $2.38 per LNK share as at 4 November.
Based on the above, the proposal values each Link share at $5.38, representing a 24.2 per cent premium to the last closing price.
The Link board says it will consider the proposal, including obtaining advice from Macquarie Capital and UBS as its financial advisers and Herbert Smith Freehills as its legal adviser.
The proposal is subject to a number of conditions including due diligence, negotiation, securing debt financing, final investment committee approval from relevant Carlyle committees and other regulatory approvals.
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Source: The Carlyle Group launches $2.88 billion bid to buy Link Group