Herbert Smith Freehills selected to advice Commonwealth Bank of Australia on PEXA acquisition.

Commonwealth Bank of Australia (CBA), alongside Link Administration Holdings Limited and Morgan Stanley Infrastructure Partners Inc., submitted a bid which has now been accepted by shareholders holding a majority of PEXA's (Property Exchange Australia Ltd) Private Company shares. CBA said the transaction aligns with its strategy to focus on its core banking businesses and to create a simpler, better bank for our customers. As part of the transaction, which is subject to a number of conditions precedent, CBA will invest a further AUD50m, totalling approximately AUD100m invested in PEXA to date. CBA was already a key stakeholder in the e-conveyancing platform. PEXA assists members, such as lawyers, conveyancers and financial institutions, to lodge documents with Land Registries and complete financial settlements electronically. PEXA Ltd. operates an online property exchange platform. Its platform allows property lawyers and conveyancers, land registries, and financial institutions to transact together online. States across Australia have been moving across to the platform as the country aims for loans to become 100% digital.