One of the big four banks has announced a joint acquisition of a major property exchange.
The Commonwealth Bank of Australia has announced that its joint bid with Link Administration Holdings Limited and Morgan Stanley Infrastructure Partners to acquire Property Exchange Australia Limited (PEXA) has been accepted by its shareholders.
The acquisition aligns with CBA’s strategy to focus on its core banking business according to CBA chief executive Matt Comyn.
“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 experience for customers,” he said.
As part of the deal, CBA will invest a further $50 million, making the total investment in PEXA $100 million to date.
This will result in an increase in ownership from 13.1 per cent to approximately 16 per cent.