Allens is pleased to have advised leading New York-headquartered infrastructure investor Morgan Stanley Infrastructure Partners (MSIP) on the competitive dual track exit process for PEXA, Australia’s national real estate transaction settlements exchange, culminating in the largest IPO in Australia in nearly three years.
MSIP sold its entire 40 per cent stake in PEXA as part of the IPO, which valued PEXA at $3.3 billion. Allens previously advised MSIP on the $1.6 billion buyout of PEXA in late 2018, alongside consortium partners Link Group and Commonwealth Bank of Australia, which marked MSIP’s first investment in Australia.
Commenting on the deal, lead Partner and Funds sector leader, Emin Altiparmak said: ‘We are proud to have supported MSIP across the life cycle of their investment in PEXA. PEXA has seen remarkable growth under MSIP ownership and the successful float underscores the continued investor appetite for high quality digital infrastructure assets in Australia.’
The transaction coincides with Allens also advising Morrison & Co and the consortium led by the Future Fund Board of Guardians on the $2.8 billion acquisition of a 49 per cent interest in Telstra’s telecommunications network tower business, InfraCo Towers.