(Bloomberg) -- KKR & Co. offered to buy MYOB Group Ltd. in a deal valuing the Australian business-management software company at A$2.2 billion ($1.6 billion). MYOB shares soared.
The U.S. buyout firm offered A$3.70 a share in cash for the rest of MYOB, 24 percent more than Friday's closing price, the Australian company said in a statement on Monday. KKR had earlier bought about 18 percent of MYOB from Bain Capital for A$3.15 a share, according to the statement.
MYOB's board is assessing KKR's offer and shareholders do not need to take any action, the company said.
For more details on the deal, click here.
MYOB, which simplifies accounting, payroll and inventory, said in August that its online subscribers were up 61 percent on the prior year, and were on track to reach 1 million in 2020.
MYOB stock jumped 19 percent to A$3.54 at 10:42 a.m. in Sydney. The stock was worth A$4.07 apiece in August 2016.
--With assistance from Tim Smith.
To contact the reporter on this story: Angus Whitley in Sydney at awhitley1@bloomberg.net
To contact the editor responsible for this story: Edward Johnson at ejohnson28@bloomberg.net
©2018 Bloomberg L.P.
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