(Reuters) - Australia's MYOB Group (AX:MYO) on Monday said private equity firm KKR & Co (N:KKR) proposed to buy shares it does not already own in the cloud services provider for about A$1.75 billion ($1.23 billion) after bagging a 17.6 percent stake in MYOB from Bain Capital Abacus Holdings, L.P.
KKR paid about A$327.4 million, or A$3.15 per share, for the stake from Bain to build up its hold in MYOB to 19.9 percent.
The proposal price of A$3.70 cash per share for the stake yet to be owned represents a premium of 24 percent to MYOB's last close.
MYOB said in a statement said its board has commenced an assessment of the proposal.
KKR's proposal follows another deal in 2017 wherein it acquired Australian non-bank lender Pepper Group for about A$682 million.
After the share sale, Bain Capital has a remaining hold of about 6.1 percent in MYOB.
($1 = 1.4174 Australian dollars)