Westpac has hired investment bank JP Morgan to advise it on a bid to buy payment terminals business Tyro Payments.
Westpac was said to be “one of a handful of Australian banks” mulling a bid for the group, to consider whether assimilating Tyro into its wider banking operations would make money for the combined group.
Westpac’s decision to rope in JP Morgan’s investment bankers, led by Adam Penny, suggests that it was serious about the buyout, and puts its interest ahead of rival banks, The Australian Financial Review reported.
The Commonwealth Bank of Australia and National Australia Bank are also understood to have considered a play for the Sydney-based fintech but are yet to call in a counsel or advance any plans.
The news comes more than a month after Tyro rejected a “highly opportunistic” $1.27-per-share buyout offer from a consortium led by private equity firm Potentia Capital, AFR reported.
