Thomson Reuters takes 54% stake in Pagero, raises buyout offer to thwart rival bids

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Thomson Reuters raised its offer to buy Sweden's Pagero by 25% to about $789 million on Monday and said it now controls about 54% of the company, seeking to ward off rival bids for the e-invoicing and tax solutions firm.

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Published by

15 Jan 2024

Thomson Reuters said it increased its offer to 50 crowns per Pagero share, valuing the company at 8.1 billion crowns and topping an offer of 45 crowns per share from U.S.-based sales and tax management services company Avalara Inc.

Thomson Reuters said it has bought about 53.81% of Pagero's shares and votes from key shareholders, including Summa Equity as well as Pagero CEO and other company executives and employees at the new offer price, which is for all Pagero shareholders.

Last week, Thomson Reuters had offered 40 crowns per share, valuing Pagero at 6.4 billion crowns, beating an offer of 36 crowns per share from U.S. tax technology firm Vertex. Vertex withdrew its offer on Sunday.

The latest offer from Thomson Reuters, which owns the Checkpoint tax and accounting service, is about 39% higher than the Vertex bid, which was