ANZ withdraws from MYOB buyout talks

ANZ Banking Group has pulled the pin on discussions to acquire Australian accounting software maker MYOB from its private equity owners for $4 billion.

The bank was last week reported to be in advanced discussions with MYOB’s owners, KKR, to buy the software group for about $4 billion, which would have been double what KKR paid for it in 2019.

ANZ had played down the reports, saying there was “no certainty” an acquisition would proceed, and that even if it did, it would be subject to a range of regulatory approvals.

The bank, however, has now formally nixed the buyout.

“ANZ today confirmed that it has withdrawn from discussions with [KKR] about a potential acquisition of MYOB,” the bank said in a brief statement to the market. [pdf]

MYOB serves 1 million customers and 10,000 accounting professionals in the Asia Pacific.

Instead, ANZ revealed on Monday morning that it would buy Suncorp Bank for $4.9 billion.

Suncorp said in a statement that its banking customers would benefit from new "product and technology initiatives" as part of the sale.