Bottomline Technologies accepts a sale of $ 2.6 billion. The stock is skyrocketing.

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The time of dreams

Bottomline Technologies shares exploded on Friday after the payments firm announced its acquisition by private equity firm Thoma Bravo in a $ 2.6 billion cash deal.

The stock in the end (ticker: EPAY) increased by 15.4% at $ 56.47 in pre-market Friday.

Bottomline, which went public in 1999, is a conglomerate comprising a number of different companies. It enables electronic payments and the settlement of transactions between companies, suppliers and banks. If approved by investors, this deal will see Bottomline become private property.

Rob Eberle, CEO of Bottomline, said: “Our partnership with Thoma Bravo will provide additional resources and greater flexibility to strengthen our leadership position, invest in continuous innovation and accelerate go-to-market efforts to deliver a increased value to customers.

“In addition, the transaction will allow Bottomline to benefit from the operating capabilities, capital resources and industry expertise of one of the most experienced and successful financial technology and software investors. “

Last week Barron reported that the company hired Deutsche Bank as an advisor ahead of a potential sale.

If the deal goes through shareholders of the cloud-based company, they will receive $ 57 per share in cash, which is about a 42% premium over Bottomline’s unaffected closing price on the 19th. October – the last full trading day before the announcement of the formation of the Bottomline board strategy committee, the press release says.

The deal is expected to be finalized in the second quarter of 2022.

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