Australia & New Zealand Banking Group (ANZ) has confirmed that it is in talks with Kohlberg Kravis Roberts (KKR) for the potential acquisition of MYOB.
The bank said it has not reached an agreement with the US-based private equity major and there is no certainty that a deal will materialise.
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“MYOB is one of Australia’s leading providers of business management, financial and accounting solutions for SMEs, Enterprise and Accounting Practice customers,” the lender noted.
As per Bloomberg’s report, the talks between ANZ and KKR are at an advanced stage and the deal could value MYOB at over A$4bn ($2.7bn).
Through the deal, ANZ hopes to strengthen its relationship with hundreds of thousands of small businesses that rely on MYOB for their bookkeeping needs.
According to MYOB’s website, it has operations in Australia, Hong Kong, New Zealand, Malaysia, Singapore and other Asian nations. The firm caters to over one million customers and employs more than 10,000 accounting professionals in the Asia Pacific.
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By GlobalDataKKR acquired the Australian firm in 2019 at a valuation of A$2bn.
Off late, Australian banking majors and their shareholders have started focusing on customer growth.
The bank has been bolstering its balance sheet to be able to cash on new opportunities, ANZ CEO Shayne Elliott told Bloomberg Television in May.
Last week, the publication reported that ANZ is looking to sell its 39% stake in PT Bank Pan Indonesia, also known as Panin Bank.
