Vertex to fund acquisition with revolver, new convertible preferreds

By Mary-Katherine Stinson

Lexington, Ky., Dec. 13 – Vertex, Inc. said it will fund its acquisition of Pagero Group AB (publ) with proceeds from its existing undrawn revolving credit facility and the issuance of $500 million of a new series of convertible preferred stock to Silver Lake, according to an 8-K filing with the Securities and Exchange Commission.

On Dec. 13, Vertex began a public tender offer for all of Pagero’s shares at a price of SEK 36 in cash per share, equivalent to a total tender value of about $555 million. The acceptance period is expected to start on or around Dec. 15 and expire on or around Jan. 23.

The offer is subject to certain regulatory approvals, the receipt of valid tenders of more than 90% of Pagero’s shares and customary closing conditions.

The issuance of the convertible preferred stock is conditioned upon closing of the acquisition.

Vertex, based in King of Prussia, Pa., is a tax technology software and services company.

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