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KKR completes MYOB acquisition

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KKR completes MYOB acquisition

US-based private equity giant KKR has successfully completed its $2 billion acquisition of MYOB.

M&A Jotham Lian 09 May 2019
— 1 minute read

The acquisition, voted in favour by a majority of MYOB shareholders in its April scheme meeting, has now been officially completed.

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It comes after more than half a year of negotiations and hurdles, notably by shareholder Manikay Partners, who in the build-up had acquired up to 16.6 per cent of shares and voiced its displeasure at the final $3.40 per share offer by KKR.

KKR’s original offer was $3.77 per share when it first announced its bid in October 2018, before it revised it down to $3.40 after completing its due diligence, with MYOB given 60 days to source for a superior proposal.

“The past year has been an eventful one for MYOB in which we accelerated our investment in the MYOB platform and fast-tracked its delivery to our customers,” said MYOB chief executive Tim Reed.

“Now with KKR’s support and expertise, we are even better positioned for future growth. I am confident the business will continue to thrive well into the future, and am excited to embark on MYOB’s next chapter.”

Law firm Gilbert + Tobin advised KKR on all aspects of the transaction, with corporate advisory partners Alex Kauye and Peter Cook leading the team.

“We are delighted to have assisted KKR on this significant transaction, which is among the largest public-to-privates successfully executed by a financial sponsor in Australia. MYOB is a leader in its space, and we have no doubt it will continue to thrive under KKR ownership,” Mr Kauye said.

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KKR completes MYOB acquisition
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