Aug 28, 2026 – 2.41pmJapan’s MUFG, which two years ago paid $1.2 billion to pluck Link Group off the ASX boards, is set to acquire Sydney-born superannuation administration start-up Grow Inc after nearly a year of negotiations.MUFG’s pension and market services division signed a binding scheme implementation deed on Friday to buy Grow. The transaction requires approval from shareholders, including industry superannuation fund HESTA, the ASX, Citibank, Five V Capital, AirTree Ventures, Wunala Capital and Hitachi Ventures.Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.Kanika Sood is a journalist based in Sydney who writes for the Street Talk column.Angira Bharadwaj is a co-editor of Street Talk. She covers IPOs, capital raises, mergers and acquisitions and other breaking news in Australia’s capital markets. Previously, she covered financial services, state, and federal politics. Send tips to @angirab.60 on encrypted messaging platform Signal.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber?
Japanese giant MUFG buys HESTA’s superannuation administrator Grow Inc
It’s a highly strategic play from MUFG, given Grow is the only start-up that had been stealing plum clients like Vanguard, Australian Ethical and HESTA off the incumbents.
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