iscover ANZ confirms purchase talks for MYOB
BusinessThe accounting software specialist is the subject of a potential acquisition by one of the Big 4.
The ANZ Bank has confirmed talks are underway with private equity firm KKR about purchasing MYOB.
“In response to market speculation, ANZ today confirmed it is in discussions with Kohlberg Kravis Roberts (KKR) about a potential acquisition of MYOB,” the bank said today.
“ANZ and KKR are yet to reach agreement in relation to the acquisition and there is no certainty it will proceed.
“ANZ will make an announcement to the market if the negotiations are successfully completed and an agreement is entered into.”
The Australian accounting and business software specialist was bought by the US private equity giant in 2019 in a deal that valued the company at around $2 billion.
Reports suggest KKR is looking at a $4 billion valuation for MYOB and talks are at an advanced stage.
MYOB, which was founded in the 1980s, serves thousands of accounting practices in the Asia Pacific and had two spells as an ASX-listed company prior to the KKR acquisition.
The deal would give ANZ a direct line into small and medium businesses and the bank confirmed any transaction would be subject to regulatory approvals.
Philip King
Philip King is editor of Accountants Daily and SMSF Adviser, the leading sources of news, insight, and educational content for professionals in the accounting and SMSF sectors.
Philip joined the titles in March 2022 and brings extensive experience from a variety of roles at The Australian national broadsheet daily, most recently as motoring editor. His background also takes in spells on diverse consumer and trade magazines.
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