The $4 billion deal to buy Australian accounting software provider MYOB from its private equity owners has been shelved by ANZ Banking Group.
The software company’s owners, KKR, and the bank were reportedly in advanced talks last week to buy MYOB for approximately $4 billion, which would have been double what KKR bought for it in 2019.
The rumours were downplayed by ANZ, which claimed that there was “no assurance” that the transaction would go forward and that even if it did, it would require a number of regulatory approvals.
But the buyout has now been legally rejected by the bank.
In a brief statement to the market, the bank stated, “ANZ today confirmed that it has withdrawn from discussions with [KKR] over a potential acquisition of MYOB.” [pdf]
10,000 accountants and 1 million customers are served by MYOB in the Asia Pacific region.
Instead, ANZ said on Monday morning that it will pay $4.9 billion to acquire Suncorp Bank.
In a statement, Suncorp said that the sale would result in new “product and technological initiatives” for its banking clients.
