Morgan Stanley Infrastructure Partners’ $1.6 billion consortium acquisition of PEXA

Allens has advised Morgan Stanley Infrastructure Partners (MSIP) on its proposed acquisition, alongside consortium members Link Administration Holdings Limited and Commonwealth Bank of Australia, of Property Exchange Australia Limited (PEXA), the national real estate transaction settlements exchange.

As part of the transaction, it is proposed the consortium will acquire 100 per cent of PEXA for an enterprise value of approximately $1.6 billion. The acquisition was selected over a proposed IPO as the preferred exit pathway for PEXA’s selling shareholders.

Headquartered in New York, MSIP is a leading global infrastructure platform pursuing a global OECD strategy. PEXA was born out of a meeting of the Council of Australian Governments (COAG) in 2008, which championed the initiative to move to a nationwide 100 per cent electronic real estate document lodgement and settlement system.

Completion of the transaction remains subject to certain conditions precedent.

Allens Advised MSIP with a team including Emin Altiparmak (Picture), Tom Story, Noah Obradovic, Joshua Hoare, John Jacob (M&A), Tom Highnam, Rita Pang and Tim Sexton (Finance)

Involved fees earner: Emin Altiparmak – Allens; Tom Highnam – Allens; Joshua Hoare – Allens; John Jacob – Allens; Noah Obradovic – Allens; Rita Pang – Allens; Tim Sexton – Allens; Tom Story – Allens;

Law Firms: Allens;

Clients: Morgan Stanley Infrastructure Partners;

Avatar

Author: Michael Patrini