Vertex offers ~$555M to acquire Pagero; Silver Lake invests $500M in convertible preferred

Vertex, Inc.

Offer price 36 SEK/share (~$555M), a 71.4% premium to Pagero's Dec 12 close.
Silver Lake invests $500M in convertible preferred (11.75% PIK dividend, conversion at 20% premium) plus warrants for 2.5M shares.
Two largest Pagero shareholders (~40.4% of shares) irrevocably agreed to accept the offer.
Acceptance period Dec 15, 2023 to Jan 23, 2024; subject to >90% tender and regulatory approvals.
Vertex expects market opportunity expansion from $22B to $28B; accretion to margins in second year post-close.

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