Pexa says its acquisition of the Aim-listed business will give it access to around 7% of British remortgages that flow across Smoove’s platform.  

It also gains access to over 75 conveyancer firms on the UK firm’s conveyancing site, and a further 2,100 businesses that work with Smoove to arrange panels for lenders across the UK market.  

The Australian company adds that it expects to take advantage of cross-selling opportunities between its platform and the British business.  

Smoove, founded in 2003, connects homebuyers, brokers, conveyancers and estate agents on its platform.  

The Smoove board of directors say they will unanimously recommend this fully diluted scheme of arrangement to its shareholders, worth 54p per share.  

Smoove shares are up 8% at 52p in morning trading, valuing the business at £29.7m.  

If approved, the sale is expected to be completed by the end of the year.  

Pexa Group chief executive Glenn King says: “The acquisition and integration of Smoove into the Pexa UK business will further help us address the many detriments suffered by consumers due to the UK’s fragmented, inefficient conveyancing processes.   

“The acquisition will allow us to build additional scale and depth in the UK market, enabling the Pexa product suite to reach more customers, while streamlining and improving the UK property transaction experience.”  

“Since entering the UK market, the Pexa Group has launched its first re-mortgage product, successfully brought two lenders onto the Pexa platform and acquired and progressed integration of specialist re-mortgage conveyancer, Optima Legal.”  

Pexa, founded in 2018, approached Smoove about a takeover in April, which led to a protracted series of due diligence periods before a deal was reached.