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Mitsubishi UFJ Financial Group Inc. is acquiring Australia's Link Administration for AU$1.11 billion or about $800 million. The acquisition was reported to boost Japan's most prominent banking organization's fund administration business unit.
According to Reuters, the deal is Mitsubishi UFJ's seventh acquisition in the fund administration sector in 10 years. Some of its latest deals include the buyout of UBS Asset Management's alternative fund services division in 2015.
Payment Arrangement
Link Administration Holdings said that as payment for the deal, it was agreed that its shareholders would get A$2.10 in cash per share, which amounts to AU$1.11 billion in total. In addition, Mitsubishi UFJ will pay a dividend of A$0.16 per share, which suggests that the deal's enterprise value is AU$2.1 billion.
During a briefing, an official of Mitsubishi UFJ told the media that Link Administration will help them expand their reach to new markets, including Canada and the Netherlands. This will also bolster the efficiency of its banking firm's fund administration division by merging some operations.
Implementation of the Acquisition Deal
Mitsubishi UFJ Financial Group said that its acquisition of Link Administration Holdings is set to be implemented through the Scheme of Arrangement or SOA under the Australian Corporations Act. It was explained that this is a method of obtaining full 100% of the shares of an Australia-listed firm.
"The implementation of the SOA and the acquisition of 100% of shares to complete the Acquisition is subject to the approval of the Acquisition by Link Group's shareholders at its shareholders' meeting, and the approval of the Australian court and regulatory authorities," Mitsubishi UFJ Financial Group, said in a press release.
MUFG added, "This Acquisition of global pension and stock administration functions will enable MUFG to further accelerate its global business expansion via access to Australian funds and global corporate clients facilitating the Global IS Business in offering a broad range of solutions, allowing it to strengthen its global reach, develop growth opportunities, and expand its business scale."
Photo by: Mitsubishi UFG Website
