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Australia’s Westpac reports hiring JP Morgan to acquire Tyro Payments

Australia’s Westpac reports hiring JP Morgan to acquire Tyro Payments

(Reuters) – Australian lender Westpac Banking (NYSE:) Corp has networked investment bankers from US banking giant JPMorgan to advise it on trying to buy payment terminals company Tyro Payments Ltd, the Australian Financial Review reported on Monday.

The report said Westpac was “one of a few” banks considering a takeover offer and working on the potential benefits of accommodating Tyro into their broader banking operations.

The report said Australia’s largest lenders, Commonwealth Bank of Australia (OTC:) and National Australia Bank (OTC:), had also considered playing for the payments platform company, but no lawyer had been hired yet. Name any sources.

The news comes more than a month after Sydney-based Tyro rejected an offer of A$1.27 per share from a consortium led by private equity firm Potentia Capital, calling it “too opportunistic”.

Tyro’s shares closed up 8.7% at A$1.56, but have lost nearly half their value this year so far. As of Monday’s close, Tyro’s market capitalization was A$807.6 million (US$503.78 million).

Westpac and Theroux did not immediately respond to Reuters requests for comment. JP Morgan’s office in Australia also did not immediately respond.

($1 = 1.6031 Australian dollars)

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