Westpac Walks Away from Tyro Payments Acquisition
(16 December 2022 – Australia) Westpac is ending its takeover discussions with Tyro Payments.
In October Westpac announced it was in preliminary talks with Tyro to acquire 100 percent of the company’s share capital.
Founded in 2003, Tyro is one of Australia' largest Eftpos providers. Westpac had been interested in the firm to boost its small business offering and strengthen its position in merchant acquiring.
Westpac said that after undertaking due diligence, it has decided submitting an offer to acquire 100 percent of the company’s issued share capital “is not in the best interests of Westpac shareholders at this time”.
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