AUB Group says it has not reached agreement with London-based wholesale broker Tysers regarding a potential acquisition.

“AUB advises that it has been in discussions with Odyssey Investment Partners, the current owner of Tysers, and the senior management team of Tysers,” the company said in a statement to the Australian Securities Exchange this morning.

“Although AUB believes in the strategic rationale of the potential transaction, the discussions have not led to a transaction being agreed on terms acceptable to the parties.”

UK media have reported that private equity investment firm Odyssey Partners has been looking to sell Tysers and that it may have been about to conclude a deal with AUB.