Link Group has confirmed it has been successfully acquired by Mitsubishi UFJ Trust and Banking Corporation, a consolidated subsidiary of Mitsubishi UFJ Financial Group, by way of scheme of arrangement implemented on Thursday, 16 May.
Under its new ownership, it will be rebranded as MUFG Pension & Market Services, comprising two businesses, MUFG Corporate Markets and MUFG Retirement Solutions.
Additionally, it announced its intentions to apply for its removal from the official list of the ASX, with effect from close of trading on Friday, 17 May.
Trading in Link Group shares on the ASX has been suspended since 1 May.
“We are excited to mark this major and very significant milestone. In becoming a member of MUFG, we have secured the backing and scale to strengthen and grow our already market-leading positions, serving some of the largest superannuation and pension funds in the world, as well as some of the largest corporations globally,” said Vivek Bhatia, chief executive and managing director, MUFG Pension & Market Services.
“Through our two successful businesses, MUFG Retirement Solutions and MUFG Corporate Markets, we deliver unparallelled capability at a global scale. Together with MUFG, we look forward to achieving our shared goals and delivering integrated solutions that empower a brighter future for our clients and stakeholders.”
He assured clients there would be no changes to current operations, teams, products, or solutions, stating they could expect a “seamless transition” with the progressive rebrand.
With the implementation of the scheme, the firm also confirmed all existing directors of Link Group other than former chair Michael Carapiet and CEO Vivek Bhatia have resigned.
The board for MUFG Pension & Market Services will now comprise:
• Hideto Shimada, chair (managing executive officer, business head of MUFG Investor Services)
• Vivek Bhatia, CEO and managing director
• Atsushi Yoshinari, co-CEO and chief strategy officer
• Jun Kawakubo, director (general manager, investor services business division, The Trust Bank)
• Michael Carapiet, lead independent non-executive director
Co-CEO Atsushi Yoshinari will be responsible for governance matters representing the parent company on the ground.
The acquisition had been approved by shareholders in late April and shortly after, it was greenlit by the Supreme Court of NSW.
The acquisition values Link Group equity at $1.2 billion and implies an enterprise value of $2.1 billion.
