News: PXA UPDATE 1-Australia's Link Administration to exit PEXA Group holding

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Nov 18 (Reuters) - Australian share registry firm Link Administration (LNK) said on Friday it would sell about 10% of its holding in PEXA Group (PXA) for A$102.4 million ($68.71 million) and distribute the remaining stake to its shareholders.

Link will sell about 7.6 million shares of the online property settlement firm, or 4.3% of issued capital, at A$13.50 apiece, a 4.8% discount to the stock's Friday close. Link owns a 42.77% stake in PEXA, according to Refinitiv Eikon data.

The company plans to distribute the remaining PEXA stake to its shareholders as an in-specie dividend.

"The PEXA selldown will provide Link Group with balance sheet flexibility as it executes on its strategic plan," Link Chief Executive Officer and Managing Director Vivek Bhatia said.

Link had been a takeover target of Canada's Dye & Durham DND.TO and a $1.63 billion proposed acquisition failed in September due to regulatory headwinds and global market volatility.

In June, Australia's competition regulator had expressed concerns over Link's PEXA holding, saying that aligning Dye & Durham with PEXA could significantly increase vertical integration in the conveyancing sector.

Dye & Durham, which makes software for businesses including real estate, has since bid for Link's corporate markets and banking segments in a A$1.27 billion deal, which the share registry firm said it was considering.

Dye & Durham did not immediately respond to a Reuters request for comment outside regular business hours. ($1 = 1.4903 Australian dollars)