TORONTO - Thomson Reuters (NYSE:TRI) Corporation (NYSE/TSX: TRI), a leading global provider of information and technology solutions, has acquired a majority stake in Pagero Group AB (Nasdaq First North Growth Market: PAGERO), an e-invoicing firm. With the purchase of approximately 53.81% of Pagero's shares from major shareholders, including Summa Equity and Pagero's CEO Bengt Nilsson, Thomson Reuters becomes the principal owner.
The acquisition follows Thomson Reuters' public tender offer to buy all Pagero shares on January 11, 2024. The company has now increased its offer to SEK 50 per share and has made the offer unconditional. Pagero's board of directors supports the revised offer, advising shareholders to accept it.
Pagero specializes in e-invoicing and tax solutions, offering a Smart Business Network that connects businesses for automated and secure digital document exchanges. This acquisition is expected to bolster the strategic partnership formed in February 2023 between Thomson Reuters and Pagero, aiming to advance their joint vision of a connected suite of global tax, reporting, and e-invoicing services.
As digital tax regulations become more prevalent worldwide, Pagero's e-invoicing compliance capabilities will complement and expand Thomson Reuters' ONESOURCE indirect tax offerings, aiming to provide customers with improved compliance and workflow automation.
Thomson Reuters has committed to maintaining Pagero as a standalone solution for its community of Indirect Tax customers, ensuring continuity.
Steve Hasker, CEO and President of Thomson Reuters, expressed satisfaction with the acquisition, emphasizing the alignment with their vision of delivering automated, secure, and compliant tax solutions.
The total value of the revised offer for all outstanding shares of Pagero is approximately SEK 8.1 billion. The acceptance period for the offer ends on February 9, 2024, with settlement expected to begin around February 16, 2024.
Thomson Reuters has engaged Morgan Stanley & Co (NYSE:MS). LLC and Linklaters as financial and legal advisors, respectively, for the transaction. The offer is fully financed by Thomson Reuters' available funds and is not contingent on financing.
This move is expected to capitalize on the growing demand for e-invoicing solutions driven by increasing global e-invoicing regulations. Pagero's strong market position, with a network of 90,000 customers and over 14 million connected companies, is seen as a strategic fit for Thomson Reuters, potentially enhancing its product offerings and financial performance in the coming years.
This article is based on a press release statement from Thomson Reuters.
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