Billtrust (BTRS Holdings, Inc.) (NASDAQ: BTRS) is engaged as a B2B cloud-based software provider, which is focused on integrated payment processing solutions. Shares of the integrated payments company are soaring 59% through early trading on Wednesday, September 28, 2022. Over the past three months, Billtrust has seen average daily volume of 788,900 shares. However, volume of 52.36 million shares or dollar volume of around $482.76 million, has already exchanged hands through early trading.
Shares of Billtrust are surging after the company announced it has entered into a definitive agreement to be acquired by EQT X Fund, a part of EQT Private Equity. The all-cash transaction values Billtrust at $1.7 billion. Under the terms of the deal, Billtrust shareholders will receive $9.50 per share in cash. This represents a premium o 64% compared to its closing price on September 27, 2022.
EQT is focused as a purpose-driven global private equity firm with assets under management of EUR 77 billion, as of June 30, 2022. The firm maintains 36 active funds with portfolio companies across North America, South America, Europe, and Asia. EQT brings a wealth of resources and a strong track record of success, which will assist Billtrust in continuing to expand its offerings and digitalizing aspects of the CFO role.
The transaction has already received approval from Billtrust’s Board of Directors, but will still need shareholder and regulatory approval before the deal is executed. The two companies estimate the transaction will close during the first quarter of 2023. Upon closing of the deal, Billtrust will delist from the NASDAQ stock exchange and become a private company.
“This transaction marks the beginning of an exciting new chapter for Billtrust, our customers and employees while providing shareholders an immediate and substantial cash value with a compelling premium,” said Flint Lane, Billtrust Founder and CEO. “We believe B2B payments and accounts receivable continue to be ripe for massive disruption and innovation, and our partnership with EQT will provide us with greater resources and flexibility to build on our leadership position.”
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