The company is in the latter stages of closing its purchase of Sydney-based Link Administration Holdings Ltd. for 2.34 billion Australian dollars , after receiving clearance last week from Australia’s competition and consumer commission, which required D&D to sell its existing Australian businesses acquired in 2021 for a combined $248-million. Link shareholders approved the takeover last month.
D&D said the nine-figure obligation would be related “to any restitution and/or redress payments that the FCA may levy” on the Link unit to cover any shortfall in the value of its assets. “This adds some incremental uncertainty regarding the timing of the Link transaction, and/or the probability that the deal proceeds,” BMO Capital Markets analyst Thanos Moschopoulos said in an interview, calling the development “unexpected.”
Trading in Link’s Australian-listed shares was halted Monday at its request in advance of the news. They had last traded at 4.48 Australian dollars a share Friday. Tuesday trading was set to open at 8 p.m. ET.
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