Australia and New Zealand Banking (ANZ) has confirmed that it is in talks with the US-based private equity firm Kohlberg Kravis Roberts (KKR) for the potential acquisition of MYOB.
MYOB, a KKR company, provides business management, financial and accounting solutions for SMEs, enterprise and accounting practice customers.
ANZ Bank would pay more than A$4.5bn ($3bn) to acquire KKR’s accounting software company.
The lender said that its confirmation statement is in response to market speculation related to the potential acquisition.
ANZ stated: “ANZ and KKR are yet to reach agreement in relation to the acquisition and 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.
“ANZ will make an announcement to the market if the negotiations are successfully completed and an agreement is entered into.”
The news comes at a time when the Australian banks are offloading their non-core operations to simplify business and focus on core competency, reported Reuters.
In August last year, ANZ’s rival Westpac Banking agreed to divest its general insurance arm and some of its financial advisory business to Japan’s Dai-ichi Life for $660m.
Earlier this year, the Commonwealth Bank of Australia (CBA) announced the sale of a 10% stake in Bank of Hangzhou (HZB) for a total of around A$1.8bn ($1.31bn).
Hangzhou Municipal Government, through its majority-owned entities Hangzhou Urban Construction & Investment Group and Hangzhou Communications Investment Group, has agreed to buy the CBA’s stake in HZB.
