Paychex to acquire Paycor for $22.50/share (~$4.1B enterprise value)

PAYCHEX INC

All-cash deal at $22.50/share, ~19% premium to Paycor's 30-day VWAP as of Jan 3, 2025.
Expected to close H1 2025; subject to regulatory approvals; majority stockholder consented.
Run-rate cost synergies >$80M near-term; neutral to slightly accretive to adjusted EPS in FY1, accretive in FY2.
Paychex to fund with incremental debt; committed bridge loan up to $3.5B from JPMorgan; dividend policy maintained.
Paycor serves ~49,000 clients and 2.7M employees; acquisition enhances upmarket position and AI-driven HR tech.

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