Top firms advise on $1.6bn deal for PEXA

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Two top firms are involved in the bid to acquire Property Exchange Australia (PEXA).

DLA Piper advised the consortium, comprised of Morgan Stanley Infrastructure Partner (MSIP), Link Group, and the Commonwealth Bank of Australia, on its successful bid to acquire 100% PEXA for an enterprise value of about $1.6bn.

Allens advised MSIP in the acquisition, which it said prevailed over a possible IPO as the preferred exit path for PEXA’s selling shareholders.

“PEXA is a rapidly evolving and very exciting digital infrastructure asset. The transaction extends the trend of institutional investments into digital infrastructure opportunities in Australia,” lead partner Emin Altiparmak said. “The transaction also marks MSIP's first investment in Australia, which we are very proud to support.”

PEXA was established after a meeting of the Council of Australia Governments in 2008. The council has championed the move to a nationwide, 100% electronic real estate document lodgement and settlement system.

MSIP, which is headquartered in New York, is an international infrastructure investor focused on a global OECD strategy.

The Allens legal team also include partner Tom Story, managing associate Noah Obradovic, senior associate Joshua Hoare, and lawyer John Jacob from the corporate - private equity group. Banking and finance partner Tom Highnam, managing associate Rita Pang, and associate Tim Sexton also provided expert advice.