ADVERTISEMENT
Domain Holdings Seeking To Buy 10% Stake In PEXA s Parent
Law360 (May 28, 2021, 4:54 PM EDT) Online real estate marketing services provider Domain Holdings Australia is considering buying a 10% stake in the holding company of real estate platform Property Exchange Australia, or PEXA, a day after KKR reportedly launched a bid to pay more than A$3 billion ($2.31 billion) for the company.
Domain in its announcement Friday said it was exploring the idea of joining a consortium to make the purchase but did not identify potential joint venture partners. Media reports on Thursday indicated a KKR-Domain venture was seeking to buy PEXA.
KKR, Domain team up for Pexa bid
Save
Share
Private equity giant KKR & Co has netted a big fish in its quest for Australian property settlement platform Pexa.
Street Talk can reveal KKR is working with property listings and services giant Domain Holdings Australia on a joint bid for Pexaâs holding company Torrens Group Holdings, which is in play courtesy of a strategic review at Link Group.
More than 75 per cent of property transactions in Australia were settled via Pexa Exchange last year. Â
Glen McCurtayne
The KKR/Domain pairing seeks to match KKRâs deep pockets and dealmaking expertise - $US252 billion in assets under management and more than $US50 billion dry powder - with Domainâs knowledge of the Australian property market and desire to dominate âall of lifeâs property decisionsâ.