Brief: Vertex To Acquire E-Invoicing Leader Pagero

Pagero AB (publ)

13/12/2023 06:07

Dec 13 (Reuters) - Vertex Inc  VERX.O :
    * VERTEX, INC. ANNOUNCES OFFER TO ACQUIRE E-INVOICING LEADER
PAGERO
    * SAYS ACQUISITION FINANCING TO INCLUDE NEW STRATEGIC
INVESTMENT
FROM SILVER LAKE
    * ACQUISITION FINANCING TO INCLUDE NEW STRATEGIC INVESTMENT
FROM
SILVER LAKE
    * ACCEPTANCE PERIOD OF OFFER IS EXPECTED TO COMMENCE ON OR
AROUND
DECEMBER 15, 2023
    * DEAL FOR PAGERO GROUP AT A PRICE OF 36 SEK IN CASH PER
SHARE,
EQUIVALENT TO A TOTAL TENDER VALUE OF APPROXIMATELY $555 MILLION
    * ACCEPTANCE PERIOD OF OFFER IS EXPECTED TO EXPIRE ON OR
AROUND
JANUARY 23, 2024.
    * SAYS VERTEX HAS ALSO RECEIVED IRREVOCABLE UNDERTAKINGS TO
ACCEPT
OFFER FROM PAGERO'S TWO LARGEST SHAREHOLDERS
    * PAGERO IS EXPECTED TO BE ACCRETIVE TO VERTEX'S MARGINS IN
SECOND
FULL YEAR AFTER CLOSING
    * VERTEX - ACQUISITION OF PAGERO TO ACCELERATE PRO-FORMA
TOP-LINE
GROWTH BY NEARLY 200 BASIS POINTS, WITH A NEAR-TERM PATH TO
PROFIT MARGIN EXPANSION
    * TO FUND DEAL WITH PROCEEDS FROM EXISTING UNDRAWN REVOLVING
CREDIT FACILITY AND ISSUANCE OF NEW SERIES OF CONVERTIBLE
PREFERRED STOCK

Source text for Eikon:  ID:nGNX50KGCR 
Further company coverage:  VERX.O 

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