Commonwealth Bank joint bid to acquire PEXA accepted by shareholders

Company News

by Anna Napoli

The Commonwealth Bank (ASX:CBA) has today announced that its joint bid with Link Administration and Morgan Stanley to acquire Property Exchange Australia (PEXA) has been accepted by shareholders holding a majority of PEXA's shares.

CBA CEO Matt Comyn says having been a key stakeholder in PEXA since its inception in 2011, today's announcement represents the bank's continued commitment to support the property industry as it transitions towards a fully digital settlement process.

As part of the transaction CBA will invest a further $50 million totaling about $100 million invested in PEXA to date.

The deal aligns with CBA's strategy to focus on its core banking businesses and to create a simpler better bank for customers.

PEXA is Australia's online property exchange network. It assists members such as lawyers and conveyancers to lodge documents with Land Registries and complete settlements electronically.

The acquisition is still subject to a number of conditions precedent.

Shares in the Commonwealth Bank (ASX:CBA) shares are trading 0.15 per cent lower to $67.88.

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.