Link struggling to close UK sale transaction

Major publicly-listed superannuation administration company, Link Administration Holdings is continuing to struggle to close the deal for the sale of its Fund Solutions business in the United Kingdom.

The company has pushed out the transaction completion date by a further month.

The company announced to the Australian Securities Exchange (ASX) that the deal is still the subject of ongoing negotiations not least with the UK Financial Conduct Authority (FCA) to settle the regulator’s investigation of Link Fund Solutions.

“Link Group confirms that it continues exclusive discussions with the Waystone Group in respect of the sale,” the ASX announcement said. “Link Group that it is currently targeting April 2023 for agreement to be reached, rather than the end of March 2023 as previously announced.:

“While diligence and negotiations have taken longer than originally anticipated, substantial progress has been made,” the Link announcement said. “However, until such time as binding agreements are signed there can be no certainty that any agreement will be reached either with Waystone or, in relation to settlement, with the FCA”.