An offer to acquire PEXA by a consortium comprising Link Group [ASX:LNK], Commonwealth Bank of Australia and Morgan Stanley Infrastructure Inc. (Consortium) (Trade Sale Offer) has now been accepted by shareholdings representing greater than 50% of PEXA’s issued capital (Trade Sale Trigger).

The Consortium will pay an enterprise value of up to approximately $1.6B, depending on the level of final acceptances to the Trade Sale Offer received by PEXA’s shareholders (Final Acceptances). Depending on the level of Final Acceptances, Link Group’s interest in PEXA will increase from its current shareholding of 19.8% to between 27% and 44%.

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 (Completion).

Link Group will provide a further update to the market following Completion.

Link Group also refers to its ASX announcement on 23 October 2018, which stated an intention to sell part of its current shareholding in PEXA, subject to PEXA proceeding with an IPO. As the Trade Sale Trigger has since been achieved, and the IPO cancelled, Link Group will no longer sell any of its stake in PEXA.