Cont...The digital real estate settlements business PEXA has...

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The digital real estate settlements business PEXA has caught the attention of suitors off and on over the years, with the company receiving calls from investment bankers on behalf of clients interested in an acquisition of the business.

A year ago when buyers were around the hoop, it was considered expensive at over $13. When a sale process was run for a stake in PEXA during 2021, there were 17 parties that signed nondisclosure agreements to enter a data room to buy the assets.

Kohlberg Kravis Roberts offered more than $3bn for the business, including debt, but it was instead listed with a $3.3bn value.

PEXA was also earmarked for a float in 2018 before it was purchased by Link Administration and its backers, its value was $1.8bn or $2.2bn including debt.

PEXA could be considered a monopoly asset, largely dominating the online property conveyancing market, and private equity firms and infrastructure investors are always on the lookout for such opportunities.

Along with Thoma Bravo, groups such as KKR and EQT Infrastructure are the typical candidates to move on such companies.