Smoove confirms takeover talks with PEXA

Online property platform, Smoove, has confirmed that it is in "early discussions" with PEXA Group regarding a possible cash offer for the entire share capital of the company.

Responding to press speculation, Smoove, which rebranded from ULS Technology last year, said that "discussions with PEXA remain at an early stage", adding that "there can be no certainty that an offer will be made for the company, nor as to the terms on which an offer may be made".

Smoove also confirmed that is considering an alternative potential transaction proposed to it by a separate third party.

An 'offer period' has now commenced and PEXA must announce a firm intention to make an offer for Smoove by the 22nd May.

Established in 2010, PEXA has facilitated over 13 million property transactions worth circa-AUD $2 trillion in Australia. It has a bespoke platform for the UK housing market with an initial focus on digital remortgage, with a sale and purchase platform due to launch in 2024.

PEXA saw its first transaction in September 2022 with the lender Hinckley & Rugby Building Society and conveyancing firm Muve.

Last year, PEXA also announced Shawbrook Bank as the second lender in the UK to begin transacting remortgage cases through its platform.