- Thomson Reuters has raised its offer to buy Swedish e-invoicing and tax solutions company Pagero.
- The parent of the Reuters news agency increased its offer by 25 per cent to US$789 million and now controls 53.81 per cent of the company
- Seeking to fend off competing bids for the firm, this tops its offer from last week of US$627 million, beating an earlier offer from U.S. tax technology company Vertex
- Thomson Reuters stock closed trading Friday at C$195.91 per share
Thomson Reuters (TSX:TRI) has raised its offer to buy Swedish e-invoicing and tax solutions company Pagero.
The parent of the Reuters news agency increased its offer by 25 per cent to US$789 million and now controls 53.81 per cent of the company after it acquired shares from key shareholders, including Summa Equity, Pagero’s CEO Bengt Nilsson, several members of the management team and employees. It said it will enhance their joint vision for a connected suite of global indirect tax, reporting and e-invoicing capabilities.
Seeking to fend off competing bids for the firm, this tops its offer from last week of US$627 million, beating an earlier offer from U.S. tax technology company Vertex.
“This validates Thomson Reuters as the best home for Pagero and supports our shared vision to provide customers with automated, secure and compliant tax solutions,” Steve Hasker, CEO and president of Thomson Reuters said in a news release.
The acceptance period for the offer expires on Feb. 9. Settlement for all shares tendered in the offer is expected to be initiated on or around Feb. 16.
Pagero’s Smart Business Network links customers, suppliers and institutions, allowing for the automated, compliant, and secure exchange of digital orders, invoices and other business documents. The network links its 90,000 customers with more than 14 million connected companies. Its e-invoicing compliance capabilities is expected to complement and expand Thomson Reuters’ indirect tax offerings and provide enhanced compliance and workflow automation benefits to customers. The company also touted Pagero’s high-quality revenue mix (87 per cent recurring) and track record of double-digit revenue growth.
Thomson Reuters Corp. provides business information services. Reuters News supplies business, financial and global news to media organizations, professionals and news consumers through Reuters News Agency, Reuters.com, Reuters Events, Thomson Reuters products and the Refinitiv business of LSEG, a global financial markets infrastructure and data provider.
Thomson Reuters stock is up 23.55 per cent since this time last year and opened trading 1 per cent higher at C$195.91 per share.
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