in brief MYOB has divested the last of its UK and Ireland businesses, announcing today it has signed an agreement to sell its UK business division to Mamut ASA for £1.7 million in cash.
The sale represents the final 10 percent of MYOB's UK and Ireland businesses. The other 90 percent — the Accountants Division — was sold to Wolters Kluwer for £35.5 million earlier this month.
In recent years, the division was not operating profitably according to MYOB. The company now intends to focus on opportunities in Asia and Australia/New Zealand, where the best growth opportunities are to be found according to the company's recent strategic review.
"Following on from our earlier sale of the UK/Ireland Accountants Division, we've achieved a strong price for this final part of our UK operations. Having made the decision exit the market, I am pleased to convert our minor market position into a good return for our shareholders," MYOB CEO Craig Winkler said in a statement.
