Mitsubishi UFJ Agrees A$1.2 Billion Deal for Australia's Link Administration
By Alice Uribe
SYDNEY--Mitsubishi UFJ Financial Group agreed to buy Link Administration in a deal valuing the Australian financial technology company's equity at 1.2 billion Australian dollars (US$800 million).
Link on Monday said its board had unanimously recommended that shareholders vote in favor of the deal, in the absence of a superior proposal.
"The board believes that the proposed transaction will benefit both shareholders and stakeholders," Link Chair Michael Carapiet said.
Mitsubishi UFJ agreed to acquire Link via a scheme of arrangement through the Japanese company's Mitsubishi UFJ Trust & Banking Corp. subsidiary, Link said.
If the deal is approved, Link shareholders would receive about A$2.26 per share, comprising A$2.10 in cash and a dividend of A$0.16.
The offer valued the company's equity at A$1.2 billion and implied an enterprise value of A$2.1 billion, Link said. Link shares closed Friday at A$1.70.
The scheme is expected to be implemented in June 2024, subject to approvals, Link said.
Write to Alice Uribe at alice.uribe@wsj.com
(END) Dow Jones Newswires
December 17, 2023 17:13 ET (22:13 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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