Sydney-based private equity firm Pacific Equity Partners is seeking a co-investment partner for portfolio business Link Group, a proposal that has attracted interest from global buy-out majors including Bain, Blackstone, KKR and TPG.
According to Reuters, the business, which owns the Link Market Services share registry company, is valued at around A$1.4bin ($1.48bn). A partner is likely to be introduced through a capital raising that will be completed by way of a rights issue to further finance the expansion of the business.
PEP bought a 50 per cent stake in Link Group in August 2005, when it traded under the name ASX Perpetual Registrars. The company comprises two businesses, Link Market Services and AAS.
Link Market Services maintains the registers of around 450 businesses whose shares are traded on the Australian Stock Exchange. The business has completed more than 20 bolt-on acquisitions since 2005 and now operates in India, Canada, South Africa and the US, as well as Australia.
AAS, which specialises in superannuation administration, employs more than 900 people and administers superannuation for 220,000 employers and four million members across Australia.
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