Smoove progresses takeover talks with PEXA

Smoove has announced a third extension to its takeover talks with PEXA.

Smoove, which rebranded from ULS Technology last year, says that "discussions have advanced constructively between the parties" and a formal due diligence process has now commenced.

The firm first announced that it was in early discussions with PEXA regarding a possible takeover in April this year and extended those talks in both May and June.

In order to allow for due diligence to be carried out, the parties have been granted an extension to the deadline by which PEXA is required either to announce whether or not it intends to make an offer for Smoove.

The new deadline is 11th August 2023 but 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.