ANZ Banking Group has revealed it is in talks to acquire Australian accounting software vendor MYOB from private equity firm Kohlberg Kravis Roberts & Co. (KKR).
The bank confirmed the deal in an ASX announcement today, saying it has yet to reach an agreement with KKR and that “there is no certainty it will proceed”.
“Should the transaction proceed it would be subject to regulatory approvals, including from the Australian Competition and Consumer Commission and the New Zealand Overseas Investments Office,” the announcement read.
“ANZ will make an announcement to the market if the negotiations are successfully completed and an agreement is entered into.”
The Australian Financial Review first reported the potential deal in its Street Talk column in June, saying talks had played out over several months at the time.
In a separate column, the AFR said Macquarie Capital and UBS have also been called in by ANZ for advice on the deal, and that MYOB was being advised by Credit Suisse.
A report from Bloomberg overnight said the talks were in “advanced stages” and also estimated the deal could be worth $4 billion if both parties reach an agreement.
MYOB was acquired by KKR in 2019 for some $2 billion at the time and was taken private.
The company itself has also been active in M&A activity as well this year, acquiring Sydney MYOB Greentree reseller GT Business Solutions earlier this month and software company Tall Emu and cloud document management software provider Nimbus Portal Solutions in February.
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