Australia's Westpac taps JP Morgan for Tyro Payments takeover - report
Reuters
Published Oct 17, 2022 01:30AM ET
Updated Oct 17, 2022 02:01AM ET
(Reuters) - Australian lender Westpac Banking (NYSE:WBK) Corp has roped in investment bankers from U.S. banking giant JP Morgan to advise it on a bid to buy payment terminals firm Tyro Payments Ltd, the Australian Financial Review reported on Monday.
The report said Westpac was "one of a handful" of banks mulling a buyout offer and working on the potential benefits of assimilating Tyro into their wider banking operations.
Australia's top two lenders, Commonwealth Bank of Australia (OTC:CMWAY) and National Australia Bank (OTC:NABZY), have also been understood to have considered a play for the payments platform firm, but have not tapped in a counsel yet, the report said without naming any sources.
The news comes more than a month after Sydney-based Tyro rejected a A$1.27-per-share buyout offer from a consortium led by private equity firm Potentia Capital, calling it "highly opportunistic".
Tyro shares closed 8.7% higher at A$1.56, but have lost nearly half of their value so far this year. As of Monday's close, Tyro had a market value of A$807.6 million ($503.78 million).
Both Westpac and Tyro did not immediately respond to Reuters requests for comment. JP Morgan's Australia office also did not respond right away.
($1 = 1.6031 Australian dollars)
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Written By: Reuters
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