Australian press outlets have reported PEXA have launched a takeover bid for Canadian technology firm Dye & Durham.
In January 2022, Dye & Durham announced its intention to acquire a 43% ownership stake in PEXA Group through its acquisition of Link Group; the acquisition was later referred to the Australian Competition and Consumer Commission (ACCC), the Australian equivalent of the Competition and Markets Authority. The ACCC case was dropped in October 2022 when the acquisition fell through.
Now it seems the shoe might be on the other foot with unconfirmed reports, published in The Australian Financial Review, indicating PEXA have expressed an interest in acquiring Dye & Durham. Shares in PEXA fell 3.2% on the Australian Stock Exchange (ASX) following the news.
In a statement released to the ASX PEXA said it would not comment on media speculation.
PEXA Group Limited (PEXA, or the Company) notes recent media reports. The Company has a policy of not commenting on media speculation. In the ordinary course of business, the Company is continuously assessing opportunities to deliver increased shareholder value. PEXA, is aware of, and will continue to comply with its continuous disclosure obligations and is comfortable that it has nothing to disclose at this time.
Dye & Durham have been hugely active in the UK property market with the acquisitions of search providers Index, poweredbypie, Property Search Group (PSG) and GlobalX, as well as ancillary report providers Future Climate Info, Terrafirma and Lawyer Checker. In May 2023 the company, which is listed on the Toronto Stock Exchange, was investigated by the Competitions and Markets Authority who found their acquisition strategy ‘substantially lessened competition in the supply of property search services” and instructed it to divest Swindon-based tmgroup.
PEXA have invested significantly in the UK with acquisitions of volume remortgage firm Optima, and Smoove PLC. Alongside its remortgage services, it plans to launch a sale and purchase proposition in 2025.
