BTRS Holdings Inc. (Billtrust), a B2B accounts receivable automation and integrated payments company based in Lawrenceville, has entered into a definitive agreement to be acquired by EQT Private Equity, part of EQT, a global investment organization, in an all-cash transaction valuing Billtrust’s equity at approximately $1.7 billion.
Under the terms of the agreement, Billtrust shareholders will receive $9.50 per share in cash upon the closing of the transaction. The price per share represents more than a 64% premium above the closing share price of $5.77 on September 27, 2022, and more than a 76% premium above the trailing 90-day volume weighted average stock price for the period ended September 27, 2022.
“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.”
Arvindh Kumar, partner and co-head of EQT’s Global Technology Sector Team, said: “We look forward to partnering with Billtrust in its journey to help customers digitize and streamline their finance operations.”
The transaction, which was approved by the Billtrust board of directors, is expected to close in the first quarter of 2023, subject to customary closing conditions, including approval by Billtrust shareholders and receipt of applicable regulatory approval.
Upon completion of the transaction, Billtrust’s shares will no longer trade on the NASDAQ, and Billtrust will become a private company.
J.P. Morgan Securities LLC is serving as exclusive financial advisor to Billtrust, and Davis Polk & Wardwell LLP is acting as legal counsel to Billtrust.
Evercore is serving as financial advisor to EQT, and Weil, Gotshal & Manges LLP is acting as legal counsel to EQT.
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