Mitsubishi UFJ Financial Group, Japan’s largest bank, is set to acquire Australian pension administrator Link Administration for AUD1.2bn (about USD802.7m), marking a strategic expansion in its fund administration sector. This acquisition, representing a 23.5% premium over Link’s last closing price, is Mitsubishi UFJ’s seventh in this sector within a decade, including the purchase of UBS Asset Management’s alternative fund services in 2015. Link shareholders will receive AUD2.10 per share in cash, valuing the firm at AUD2.1bn, inclusive of a dividend. Mitsubishi UFJ, holding a 6.4% stake in Link, aims to leverage this acquisition to enhance global expansion and operational efficiency in fund administration, targeting new markets like Canada and the Netherlands. Subject to shareholder and regulatory approvals, the transaction is anticipated to commence from June 2024. Link, servicing 10 million Australian pension accounts, also operates share registries in Australia, Britain, and India.
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