The Australian competition regulator said on Thursday it will not oppose an A$2.47 billion ($1.67 billion) acquisition of Link Administration by Canada’s Dye & Durham, if it divests its existing local business.
The Australian Competition & Consumer Commission (ACCC) said the acquisition would be unlikely to “substantially lessen competition”, assuming the Canadian cloud-based software firm divests its existing local businesses, as stated in Dye & Durham’s court-enforceable pledge.
The deal will give Dye & Durham (D&D) access to share registry firm Link’s prized 42.8% stake in online property settlement firm PEXA, which was the subject of concern for the regulator.
“The ACCC has focussed on ensuring that the post-acquisition market structure does not hinder competition over the longer term,” ACCC Chair Gina Cass-Gottlieb said.
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