Smoove further extends takeover talks with PEXA

Smoove has announced another extension to its takeover talks with PEXA.

Smoove, which rebranded from ULS Technology last year, first announced that it was in early discussions with PEXA in April, regarding a possible cash offer for the firm. It previously announced an extension to the takeover talks last month.

Discussions between the parties remain ongoing and, to allow further time for these discussions to continue, Smoove has requested an extension to the deadline by which PEXA is required either to announce a firm intention to make an offer or to announce that it does not intend to make an offer.

An announcement must now be made by the 14th July 2023, although this deadline can be further extended by the board.

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.