(Bloomberg) — Dye & Durham Ltd., a Canadian provider of software for legal professionals, has agreed to buy Australian data services firm Link Administration Holdings Ltd. for about C$3.2 billion ($2.5 billion).
The cash offer represents A$5.50 per share of Link, a premium of about 15% over Tuesday’s closing price, the Toronto-based company said in a statement. As part of the deal, Dye & Durham will also indirectly acquire Link Group’s 43% ownership in the recently spun-out conveyancing business PEXA Group Ltd.
Just last month, the biggest back-office service provider to Australia’s booming pension industry had received a renewed A$2.8 billion ($2 billion) offer from U.S. buyout firm Carlyle Group Inc. The private equity firm was granted due diligence to revise its indicative takeover proposal.
The late Tuesday announcement by Dye & Durham ends a yearlong race to acquire Link. Before last month’s offer, Carlyle had made an approach in October 2020 in league with Australian private equity firm Pacific Equity Partners. That prompted Link to embark on a strategic review of its business.
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