Accel-KKR LLC agreed to acquire intelliHR Limited (ASX:IHR) from COLINTON CAPITAL PARTNERS FUND I (A) PTY LTD managed by Colinton Capital Partners Pty Ltd and others for AUD 37.4 million on January 30, 2023. The offer price is AUD 0.11 cash per share. As of March 13, 2023, the offer price has been extended to AUD 0.165 cash per share. The deal is subject to approval from court, regulatory body, intelliHR board and shareholders. The transaction has been approved by intelliHR board unanimously. As of February 23, 2023, the transaction has been approved by the FIRB. As of March 3, 2023, a competing bid of AUD 0.0.14 was announced by the Access Group. The TAG group was increased to AUD 0.2 on March 17, 2023, and later increased to AUD 0.22 on March 27, 2023. As of March 28, 2023, the TAG group bid has been deemed superior and has been accepted by the board. As of March 28, 2023, the board of IntelliHR has withdrawn the approval response of the Humanforce bid and has recommended the shareholders to take no action. The deal is expected to close in late April 2023 to mid May 2023. Colin Biggers & Paisley Pty Ltd acted as legal advisor to intelliHR and Johnson Winter & Slattery acted as legal advisor to Accel-KKR LLC. Moelis Australia Securities Pty Ltd. acted as financial advisor to Accel-KKR LLC.

Accel-KKR LLC cancelled the scheme implementation deed to acquire intelliHR Limited (ASX:IHR) from COLINTON CAPITAL PARTNERS FUND I (A) PTY LTD managed by Colinton Capital Partners Pty Ltd and others on March 29, 2023. intelliHR Limited will pay Accel-KKR a break fee of AUD 0.39 million.