KKR, a U.S. private equity company, revealed that it has closed on the acquisition of Australian accounting software company MYOB Group.
KKR, via its flagship Asian Fund III, purchased MYOB for A$1.6 billion ($1.14 billion), valuing MYOB at $1.61 billion.
The transaction kicked off after MYOB’s shareholder, Manikay Partners, agreed to KKR's sweetened offer of $2.63 per share to buy the shares it did not already own in MYOB.
KKR noted that the acquisition of MYOB accelerates its growth plans in Australia and New Zealand.