Commonwealth Bank of Australia (CBA) announced that its joint bid with Link Administration Holdings Limited and Morgan Stanley Infrastructure Partners Inc. to acquire Property Exchange Australia Limited (PEXA) has been accepted by shareholders holding a majority of PEXA’s shares (the Transaction).

CBA Chief Executive Officer Matt Comyn said: “Having been a key stakeholder in PEXA since its inception in 2011, today’s announcement represents our continued commitment to support the property industry as it transitions towards an innovative, fully digital, settlements process that aims to provide improved experiences for customers.”

The Transaction aligns with CBA’s strategy to focus on its core banking businesses and to create a simpler, better bank for our customers.

As part of the Transaction, which is subject to a number of conditions precedent, CBA will invest a further $50 million, totalling approximately $100 million invested in PEXA to date.

This will result in an increase in CBA’s ownership stake increasing from 13.1% to approximately 16%.