Commonwealth Bank of Australia (ASX:CBA), Link Administration Holdings Limited (ASX:LNK) and Morgan Stanley Infrastructure Inc. made trade sale offer to acquire additional unknown minority stake in PEXA Ltd. for an enterprise value of up to approximately AUD 1.6 billion on November 6, 2018. Enterprise value will be depending upon the final acceptance of shareholders. Link Administration will fund its increased investment through available cash and headroom under its existing debt facilities, Link Administration is not required to raise any equity to complete the trade sale offer.

Completion of the trade sale offer remains subject to a range of conditions precedent which are expected to take approximately two to three months to meet. As of November 6, 2018, shareholders of PEXA Ltd approved the transaction. Tony Damian, Nicole Backhouse, Li-Lian Yeo and Nick Conway of Herbert Smith Freehills acted as legal advisor to Commonwealth Bank of Australia in the transaction.

Grant Koch, James McCarthy, Nicholas Boyle, Adrian Tan, Emma Kendall, Amina Karcic, Jake Thornton, Clancy King, Jonathan Higgs, Stefan Luke, and Amit Jois of DLA Piper for Commonwealth Bank of Australia, Link Administration Holdings and Morgan Stanley Infrastructure. J.P. Morgan acted as financial advisor to Commonwealth Bank of Australia, Link Administration Holdings Limited and Morgan Stanley Infrastructure Inc. Emin Altiparmak, Tom Story, Noah Obradovic, Joshua Hoare, John Jacob, Tom Highnam, Rita Pang and Tim Sexton of Allens acted as legal advisor for Morgan Stanley Infrastructure Inc.