Bain Capital to buy MYOB for $1.3bn

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The private-equity firm Bain Capital is to buy the Australian accounting software firm MYOB for around $1.3bn (£789m). The deal is Boston-based Bain's biggest acquistion in Australia, and marks a defeat for the British software group Sage and Kohlberg Kravis Roberts, the rival private-equity firm.

MYOB is being sold by the buy-out group Archer Capital and Harbourvest Partners, who bought it for around $470m in 2008.