<article>US-based private equity major KKR has completed the acquisition of Australian accounting software provider MYOB Group.</article>

US-based private equity major KKR has completed the acquisition of Australian accounting software provider MYOB Group.
The investment has been made through KKR&#8217;s $9.3 billion flagship Asian Fund III.
The deal came through after much twists that spanned for over six months ending only when MYOB&#8217;s second-biggest shareholder Manikay Partners finally agreed, with reservations, to KKR&#8217;s $1.14 billion (A$1.6 billion) takeover bid.
The takeover negotiations kicked off in October last year when KKR had launched an offer to buy the shares it did not already own in MYOB for A$3.70 per share. Later it sweetened the offer price raising it to A$3.77 per share, at one point valuing the company at $1.61 billion. Before that, KKR had already bought MYOB shares from Bain Capital Abacus Holdings for AUD 327.4 million and had built its hold in MYOB to close to 20 per cent.
“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. This roll-out helped us to achieve even greater online subscriber growth and propelled us to a leading position in Australia and New Zealand’s online accounting market,&#8221; said Tim Reed, CEO of MYOB.
MYOB offers over 50 business management solutions including accounting, payroll, payments, retail point of sale, CRM and professional tax solutions, among others. It largely caters to medium and small businesses in Australia and New Zealand.
“We are excited to partner with and support MYOB as it accelerates the company’s growth plans in Australia and New Zealand while also exploring the significant opportunities it has to offer its customers new products and solutions, said David Lang, Member at KKR.
MYOB shares were trading at A$3.40 at the time of writing this article.
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The deal fructified after MYOB's second-biggest shareholder Manikay Partners agreed, with reservations, to KKR's $1.14 billion (A$1.6 billion) takeover bid.

KKR completes acquisition of Aussie accounting software firm MYOB

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