Private Equity Partners exits Link stake for AUD200 million

November 15
8:31 AM 2013

Australian private equity firm Pacific Equity Partners (PEP) sold its 25% stake in Link Administration Holdings Pty Ltd. to Macquarie Group Ltd. and Intermediate Capital Group. The deal was worth AUD200 million (USD187 million).

The Wall Street Journal (WSJ) said Macquarie was offering a portion of the said stake to fund managers. WSJ sources said Link would likely join the Australian Stock Exchange next year, bearing a market capitalization of AUD800 million.

Link is a registry business acquired by PEP in 2005 for AUD132 million. The holding company since then expanded operations offshore, including South Africa, Canada and India. Its forecasted gross earnings for the company's year-end stand at around AUD140 million, WSJ said.

Link obtained a three-and-a-half year AUD710 million syndicated loan from Westpac Banking Corp. and Commonwealth Bank of Australia Ltd. in June. Last year, the company failed to find a strategic partner to finance its global expansion, the WSJ report said.

PEP currently owns the largest independent US registry, the American Stock Transfer and Trust Co. The investment company is preparing for its first initial public offering since KFC franchisee Collins Foods Ltd.'s listing in 2011, WSJ said. 

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