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US-based private equity giant KKR has successfully completed its $2 billion acquisition of MYOB.
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KKR completes MYOB acquisition
09 May 2019
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The acquisition, voted in favour by a majority of MYOB shareholders in its April scheme meeting, has now been officially completed.
It comes after more than half a year of negotiations and hurdles, notably by shareholder Manikay Partners, who in the build-up had acquired up to 16.6 per cent of shares and voiced its displeasure at the final $3.40 per share offer by KKR.
KKR’s original offer was $3.77 per share when it first announced its bid in October 2018, before it revised it down to $3.40 after completing its due diligence, with MYOB given 60 days to source for a superior proposal.
“The past year has been an eventful one for MYOB in which we accelerated our investment in the MYOB platform and fast-tracked its delivery to our customers,” said MYOB chief executive Tim Reed.
“Now with KKR’s support and expertise, we are even better positioned for future growth. I am confident the business will continue to thrive well into the future, and am excited to embark on MYOB’s next chapter.”
Law firm Gilbert + Tobin advised KKR on all aspects of the transaction, with corporate advisory partners Alex Kauye and Peter Cook leading the team.
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“We are delighted to have assisted KKR on this significant transaction, which is among the largest public-to-privates successfully executed by a financial sponsor in Australia. MYOB is a leader in its space, and we have no doubt it will continue to thrive under KKR ownership,” Mr Kauye said.
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