Australian financial services group Westpac looking to acquire Tyro Payments in a bid to strengthen its capabilities for the small business market. 

In a stock exchange filing, the Sydney-based bank said: “Westpac confirms it is in preliminary discussions with Tyro Payments Limited to acquire 100% of the company’s issued share capital. There is no certainty that any transaction will result.

“An acquisition would strengthen Westpac’s small business proposition, enabling it to better support customers and grow merchant acquiring, particularly in the hospitality and healthcare sectors.”

Westpac’s announcement comes after the Australian Financial Review (AFR) published a report stating that the bank has hired investment bankers from JPMorgan to advise it on Tyro’s bid.

Westpac’s rivals Commonwealth Bank of Australia and National Australia Bank are also in line to buy Tryo, which is engaged in providing EFTPOS services, Reuters reported, citing AFR. 

Responding to media speculations, Tyro said: “The Company confirms it has received approaches from several parties expressing interest in a potential change of control transaction, including Westpac Banking Corporation.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“None of these approaches are sufficiently definite or advanced to warrant further disclosure at this time. Tyro is engaging in preliminary discussions with selected parties in the context of maximising value for all shareholders.

“The Company notes that these approaches are non-binding and highly conditional in nature, and there is no certainty that a binding offer or a transaction of any kind will eventuate.”