Case Study: ACCC clearance for Dye and Durham $A2.5 billion takeover of ASX-listed Link Administration Group Limited

17 Jun 2024

The background

We acted to secure ACCC informal clearance for Dye & Durham of its A$2.5 billion proposed takeover of ASX listed Link Administration Group Limited, which owned a 42.7% stake in PEXA Limited. PEXA principally operates an Electronic Lodgement Network (ELN) product, PEXA Exchange which enables users to complete property lodgements and settlements electronically through a digital process known as e-conveyancing.

The details

The ACCC flagged concerns about potential anti-competitive behaviour in the conveyancing workflow after the acquisition, warning of possible market foreclosure due to mutual preferential dealing between Dye & Durham and PEXA. The ACCC ultimately cleared the acquisition within tight time frames to align with the takeover process and timelines, subject to a court enforceable undertaking from D&D to divest its existing Australian businesses.

Get in touch

_Disclaimer

_{Clayton Utz communications are intended to provide commentary and general information. They should not be relied upon as legal advice. Formal legal advice should be sought in particular transactions or on matters of interest arising from this communication. Persons listed may not be admitted in all States and Territories.}