MUFJ to buy Aussie pension company Link Group
The Japanese banking giant is acquiring 100% of issued shares of Link Group.
Mitsubishi UFJ Trust and Banking Corporation, a subsidiary of MUFG, is acquiring 100% of the issued shares of Link Administration Holdings Limited, an Australian pension administration company.
The deal is being made via scheme of arrangement (SOA) under the Australian Corporations Act. The share purchase is expected to take place from June 2024 onwards if all proceeds as scheduled.
Link Group provides services to approximately 41% of Australian private pension members, with over 10 million accounts. It also provides stock administration services that connect issuers and stakeholders in Australia, the UK, and India.
These include share registry administration, employee share plans and investor relations, and have leading market shares in each country.
Through the development of these businesses, Link Group’s digital platform is reportedly used to provide administration services to over 100 million beneficiaries worldwide, MUFG said.