Westpac in discussions to acquire Tyro


Westpac has confirmed today in an announcement made to the Australian Securities Exchange (ASX) that it is in preliminary discussions with Tyro Payments to acquire 100% of the company’s issued share capital but “there is no certainty that any transaction will result”.

Westpac said that a potential acquisition would strengthen its small business proposition, enabling it to “better support customers and grow merchant acquiring, particularly in the hospitality and healthcare sectors”.

In response to earlier media speculation, Tyro confirmed it had been approached by “several parties expressing interest in a potential change of control transaction” which included Westpac, however the company said none of these approaches were sufficiently definite or advanced to warrant further disclosure at that time.

It also noted that the approaches were non-binding and highly conditional in nature.

“Tyro is engaging in preliminary discussions with selected parties in the context of maximising value for all shareholders,” the company said in a statement.

Tyro Payments is an Australian financial fintech institution specialising in merchant credit, debit and EFTPOS acquiring.