News

09/05/19

G+T advises KKR on $2 billion acquisition of MYOB

G+T has advised Kohlberg Kravis Roberts & Co L.P. (together with its affiliates, KKR) on its $2 billion acquisition of MYOB Group Limited (MYOB).

KKR yesterday completed its acquisition of MYOB.

MYOB is a leading provider of online business management solutions in Australia and New Zealand.

In October 2018, KKR acquired a 19.90% stake in MYOB and submitted a non-binding indicative proposal to the MYOB Board for the acquisition of the remaining shares in MYOB. Following due diligence, KKR and MYOB entered into a Scheme Implementation Agreement under which KKR agreed to acquire all of the remaining shares in MYOB for A$3.40 per share by way of scheme of arrangement. The Scheme Implementation Agreement contained a number of novel features not previously seen in public markets transactions in Australia.

G+T advised KKR on all aspects of the transaction. Corporate Advisory Partners Alex Kauye and Peter Cook led the team.

Alex Kauye said, “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.”

Alex and Peter were supported by a host of partners and lawyers across the firm, including Corporate Advisory partner Peter Reeves and special counsel Ebony Keenan-Dunn, and lawyers Keara Stretton, Richard Francis, Joshua Fisher, Ciara Coleman, Akshaya Ravi, Travis Cordingley and Nick Madders.

Banking + Infrastructure partner John Schembri led the $1.215 billion debt financing and was assisted by lawyers Erin Cartledge, Vern Lim and Mark Nichol.

Gilbert + Tobin’s market-leading Corporate Advisory team has advised on many of Australia’s largest and most innovative transactions, including recently advising DuluxGroup on its proposed $4.2 billion acquisition by Nippon Paint, BGH Capital on its proposed $2.3 billion acquisition of Navitas, TPG on its $665 million acquisition of Greencross and Viva Energy on its $2.65 billion IPO.

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