ANZ drops MYOB acquisition talks

ANZ has withdrawn from talks surrounding the potential acquisition of software specialist MYOB.

The bank confirmed it had stepped away from talks with global investment firm Kohlberg Kravis Roberts & Co. (KKR) on Monday morning in a brief statement released to the Australian Securities Exchange (ASX), but did not give a reason for the withdrawal.

On the same day, it announced that it had signed a share sale and purchase agreement with Suncorp Group to acquire its banking business for A$4.9 billion.

Last week, ANZ confirmed it was in discussions to potentially buy MYOB following a Bloomberg report from 12 July, which said the two were in advanced discussions in a deal that would potentially value MYOB at more than A$4 billion. 

At the time, ANZ said it would make an announcement to the market if the negotiations were successfully completed and an agreement is entered into.

In 2018, MYOB was purchased by private equity firm KKR, which took the company private as part of a $2 billion acquisition deal.

The software specialist’s acquisition spree over the last 18 months has seen it pick up Sydney-based GT Business Solutions and New Zealand-based Aztech Solutions in April, as well as last year’s purchases of GreatSoft, Star Business Solutions, Nimbus and Tall Emu.

ANZ Bank has been contacted for further comment.