Herbert Smith Freehills is pleased to have advised Link Administration Holdings Limited (Link Group) on all aspects of its successful acquisition by Mitsubishi UFJ Trust & Banking Corporation (MUTB) by way of a scheme of arrangement (Scheme).

The Scheme implies an enterprise value for Link Group of A$2.1 billion.

Link Group entered into a scheme implementation deed with MUTB for the acquisition of all of the shares held by Link Group shareholders in December 2023. Under the Scheme, eligible Link Group Shareholders received total consideration of $2.26 cash per Link Group share. The Scheme was approved by Link Group shareholders and the Supreme Court of New South Wales in April 2024.

The Herbert Smith Freehills team was led by partners Tony Damian and Nicole Pedler, and also included partner Claire Thompson and solicitors Sebastian Lynch and Benjamin Kyriazis.

The Scheme follows a number of transactions that Herbert Smith Freehills has been privileged to support Link Group on, including its distribution of PEXA shares to Link Group shareholders, and Link Group’s sale of its UK and Irish funds management business to the Waystone Group.

Herbert Smith Freehills partner Tony Damian said, “We are delighted to have advised Link Group on this important cross-border transaction. The deal demonstrates the continued strength of M&A activity in Australia as well as the important role of Japanese investment in our market”.

UBS and Macquarie Capital acted as financial advisers to Link Group.