Shareholders confirm agreement to sell Superpartners.
The shareholders of Superpartners (AustralianSuper, Cbus, HESTA, HOSTPLUS, and MTAA Super) today confirmed they had reached a binding agreement for the sale of the business to Link Group. The commercial terms relating to the sale included a $170 million consideration for Superpartners in addition to efficiency benefits that will assist in keeping fees low for members.
Link Group now has ownership of Superpartners and will be responsible for providing ongoing fund administration services to each of the shareholder funds, under individual commercial service agreements.
Link Group was chosen as a preferred bidder after a comprehensive process in which the shareholders considered a number of competitive proposals.
The successful divestment of Superpartners allows the shareholder funds to continue to focus their attention on delivering the best retirement outcomes and service solutions to their growing membership base.