TORONTO - Thomson Reuters (NYSE:TRI) Corporation (NYSE/TSX: TRI), a global provider of news and information-based tools to professionals, has launched a public tender offer to acquire all shares of Pagero Group AB (Nasdaq First North Growth Market: PAGERO) for SEK 40 per share, valuing the company at approximately SEK 6.4 billion. The offer is contingent on acceptance from over 90 percent of Pagero's shareholders.
Pagero specializes in e-invoicing and indirect tax solutions through its Smart Business Network, which connects businesses and institutions for the exchange of digital business documents. This acquisition is expected to bolster Thomson Reuters' existing suite of indirect tax and reporting tools by integrating Pagero's e-invoicing compliance capabilities, which are increasingly in demand as countries adopt real-time digital tax regimes.
Steve Hasker, President and CEO of Thomson Reuters, expressed confidence in the strategic and cultural alignment between the two companies, citing the growth potential from combining Pagero's e-invoicing capabilities with Thomson Reuters' ONESOURCE indirect tax offerings.
The offer follows a strategic partnership between the companies announced in February 2023 and represents an 11.1 percent premium over Pagero's closing price on January 10, 2024. It also surpasses a previous offer made by Vertex (NASDAQ:VRTX), Inc. in December 2023.
Thomson Reuters expects the acceptance period for the offer to begin on January 12, 2024, and to conclude on February 9, 2024, with settlement anticipated to occur around February 16, 2024, subject to conditions being met.
The acquisition is not subject to a financing contingency, as Thomson Reuters has the necessary funds available. Morgan Stanley & Co (NYSE:MS). LLC and Linklaters have been appointed as financial and legal advisors, respectively, for the transaction.
The information regarding this proposed acquisition is based on a press release statement.
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