MUFG Pension & Market Services entered into a binding scheme implementation deed on 28 August to acquire GROW Technology Services, an Australian provider of technology-based superannuation administration.
Why MUFG Pension & Market Services is buying GROW Technology Services (GROW Inc)
MUFG said GROW would complement its existing capabilities and technology platforms within MUFG Retirement Solutions and expand the range and flexibility of administration options it can offer funds.
“The proposed acquisition of GROW Inc reflects the continued evolution of the superannuation industry and the changing needs of funds for flexible administration and technology solutions.”
Deal terms and financing
The parties did not disclose financial terms. Grafa reported that the takeover valued GROW at A$78m, less than a third of its previous A$250m valuation.
Regulatory approvals and timing
The deal requires regulatory, shareholder and court approvals. Grafa reported in October that the ACCC had approved the takeover, citing GROW's operational difficulties and financial position.
Market context
HESTA moved its administration to GROW in 2025, a migration that left members without online access for weeks; HESTA said it supports the deal and that members' savings are unaffected.
