Australia's Iress in early talks with Blackstone, Thoma Bravo over buyout offer
The initial proposal from Blackstone valued Iress at A$1.94 billion ($1.27 billion) but was later withdrawn, the Australian financial software firm said, without providing further details in its statement.
"Iress is currently in the early stages of engagement with Blackstone and Thoma Bravo in order to ascertain whether an offer can be made which can be recommended by the Iress Board," the company said.
The announcement follows a report by the Australian Financial Review that Iress was in talks with Blackstone over a potential buyout, which could value the company at about A$1.9 billion.
Blackstone declined to comment.
Iress is not unfamiliar with takeover interest from private equity firms, having previously drawn a $3 billion deal from Swedish investment firm EQT in 2021. The deal ultimately fell through after EQT walked away despite making several improved offers.
($1 = 1.5323 Australian dollars)
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