---
schema_version: "secwatch.filing_event.v1"
accession: "0000950103-25-000267"
form_type: "8-K"
ticker: "PAYX"
cik: "0000723531"
company_name: "PAYCHEX INC"
filed_at: "2025-01-07T23:59:59+00:00"
generated_at: "2026-05-28T09:32:46.058092+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000950103-25-000267
- form_type: 8-K
- ticker: PAYX
- cik: 0000723531
- company_name: PAYCHEX INC
- filed_at: 2025-01-07T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/723531/000095010325000267/0000950103-25-000267-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/723531/000095010325000267/dp223210_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950103-25-000267
- JSON: https://secwatch.observer/filing/0000950103-25-000267.json
- Plain text: https://secwatch.observer/filing/0000950103-25-000267.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.