Thomson Reuters Corporation (Thomson Reuters) a global content and technology company, has announced the acquisition of approximately 53.81 per cent of the shares in Pagero Group AB (Pagero) from key shareholders, including Summa Equity, Pagero’s CEO Bengt Nilsson, as well as several members of the management team and employees, making Thomson Reuters the majority shareholder in Pagero.
On January 11, 2024 Thomson Reuters announced a recommended public tender offer to acquire 100 per cent of the shares of Pagero (the “Offer”). Today Thomson Reuters increases the price in the Offer to SEK 50 per share and declares the Offer unconditional (the “Revised Offer”). The independent bid committee of Pagero’s board of directors unanimously recommends all shareholders of Pagero accept the Revised Offer, as per the statement.
Pagero is a global leader in e-invoicing and indirect tax solutions, which it delivers through its Smart Business Network. The Company links customers, suppliers, and institutions, allowing for the automated, compliant, and secure exchange of digital orders, invoices, and other business documents.
Thomson Reuters’ majority ownership of Pagero will enhance the strategic partnership announced in February 2023, accelerating the companies’ joint vision for a connected suite of global indirect tax, reporting and e-invoicing capabilities.
As many countries move towards legislating for real-time digital tax regulation, the e-invoicing compliance capabilities of Pagero complement and expand Thomson Reuters’ ONESOURCE indirect tax offerings, providing enhanced compliance and workflow automation benefits to customers, as per the statement.
To ensure continuity for its community of Indirect Tax customers, Thomson Reuters is committed to maintaining Pagero as a market solution, a statement said.
“Since the announcement of our initial offer for Pagero on 11 January, following constructive discussions with Bengt Nilsson, Summa Equity and other key shareholders of Pagero, we are pleased to have reached an agreement for them to sell their shares to Thomson Reuters – making us the majority shareholder in Pagero at 53.81 per cent. This validates Thomson Reuters as the best home for Pagero and supports our shared vision to provide customers with automated, secure, and compliant tax solutions.” Said Steve Hasker, CEO and President, Thomson Reuters.
“Against this background, we are confident in our revised and unconditional offer of SEK 50 per share to all remaining shareholders of Pagero, representing an increase of 25 per cent compared to our initial offer. We believe our revised offer is highly compelling for Pagero’s shareholders, confirmed by the unanimous recommendation from the independent bid committee. We look forward to closing out our offer and working together with the talented team at Pagero.”
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