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Dye & Durham To Buy Link Group In C$3.2 Bln Deal

Dye & Durham Limited (DND.TO) said that it agreed to acquire Link Administration Holdings Limited (LNK.AX) or "Link Group".

As part of the transaction, Dye & Durham will also indirectly acquire Link Group's approximate 43% ownership stake in PEXA Group Limited (PXA.AX, which operates Australia's leading digital property exchange network and helps lawyers, conveyancers and financial institutions settle transactions and file documents electronically.

Under the terms of the acquisition agreement, Dye & Durham will acquire Link Group for cash consideration of approximately C$3.2 billion, or A$5.50 per common share, representing a 15% premium to the closing price of Link Group's shares on the ASX as at December 21, 2021.

Link Group provides mission critical software, servicing more than 6,000 clients globally across the financial services and corporate business segments. The acquisition will expand Dye & Durham's global scale, by adding approximately A$1.2 billion in revenue, approximately A$257 million in EBITDA and approximately 7,000 employees as reported by Link Group at June 30, 2021.

The Link Board has unanimously recommended that Link shareholders vote in favour of the Scheme, and each Link director intends to vote their Link share in favour of the Scheme, in the absence of a superior proposal and subject to an independent expert concluding that the Scheme is in the best interests of Link shareholders.

A Scheme Meeting of Link shareholders is expected to be held in the second quarter of calendar year 2022 and, if approved, the Scheme will be implemented shortly after.

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