![]() Presents at Bank of America 2023 Global Technology Conference, Jun-06-2023 03:20 PM Presents at The 43rd Annual William Blair Growth Stock Conference, Jun-08-2023 08:40 AM Morgan Stanley Downgrades Bill Holdings to Equalweight From Overweight on 'Limited Potential for Virtual Card Adoption' in Small/Midsized Market, More Competition Price Target Kept at $105 Piper Sandler Raises Price Target on Bill Holdings to $165 From $110, Maintains Overweight Ratingĭeutsche Bank Raises Bill Holdings Price Target to $140 From $110, Maintains Buy Rating ![]() Keefe, Bruyette & Woods Downgrades Bill Holdings to Market Perform From Outperform, Adjusts Price Target to $120 From $150 UBS Adjusts Price Target on Bill Holdings to $138 From $104, Maintains Buy Rating Goldman Sachs Raises Price Target on Bill to $136 From $115, Maintains Buy Rating Susquehanna Adjusts Price Target on Bill Holdings to $160 From $115, Maintains Positive Rating Oppenheimer Adjusts Bill Price Target to $149 From $125, Maintains Outperform Rating Mizuho Securities Adjusts Bill Price Target to $110 From $92, Maintains Neutral Rating (NYSE:BILL) completed the acquisition of DivvyPay, Inc. Financial Technology Partners (FT Partners) is serving as exclusive strategic and financial advisor to DivvyPay and Eric McCrath and Erik Knudsen of Morrison & Foerster LLP are acting as legal counsel to DivvyPay.īill.com Holdings, Inc. LLC is serving as financial advisor and Bomi Lee of Fenwick & West LLP is acting as legal counsel to. The transaction is expected to be accretive to 's revenue growth rate. The deal is expected to close by the end of 's first fiscal quarter ending September 30, 2021. The transaction has been unanimously approved by the Boards of Directors of both DivvyPay and. The transaction is also subject to the approval of Holdings' shareholders, resignation of DivvyPay's directors, DivvyPay's charter article amendment, financial audit of DivvyPay, and the execution of offer letters, non solicitation agreement, employment agreement and escrow agreement. The transaction is subject to receipt of regulatory approvals, the expiration or termination of the applicable waiting period under the Hart-Scott Rodino Antitrust Improvements Act of 1976, as amended and other customary closing conditions. ![]() Divvy's annualized recurring revenue was approximately $100 million.īlake Murray, DivvyPay's Chief Executive Officer, and certain employees will continue as employees of or its subsidiaries upon closing of the transaction. Pursuant to the terms of the merger agreement, will deposit approximately $125 million of the merger consideration, consisting of cash and shares, in a third-party escrow account for a period of 15 months to partially secure the indemnification obligations of DivvyPay's stockholders and warrant holders under the merger agreement. The merger consideration assumes that DivvyPay will have $125 million in cash as of the closing, and the cash consideration will be adjusted for amounts above or below such cash target, with the cash target being reduced at a rate of $3.5 million per month if the closing occurs after July 1, 2021. Pursuant to the terms of the transaction, will pay and issue upon the closing in exchange for all of the outstanding equity interests of DivvyPay is approximately $2.5 billion, with approximately $625 million payable in cash, subject to adjustments and the remainder issuable in shares of 's common stock, options to acquire shares and restricted stock units covering shares. ![]() (NYSE:BILL) entered into a definitive agreement to acquire DivvyPay, Inc. ![]()
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