August 29, 2022 | Technology | North America | Ended

Avalara / Vista: Deal Insights

Private equity firm Vista Equity Partners plans to take tax software business Avalara private in a $8.4bn buyout. The offer price is $93.50 per Avalara share, implying a 2% discount to the previous day’s close but a 27.1% premium to Avalara’s undisturbed price on 6-Jul-22, before media reports emerged about a potential transaction. The deal requires shareholder and HSR approvals, and the merger agreement offers rights to dissenters under Chapter 23B.13 of the Washington Business Corporation Act (WBCA). Financing is not a condition to closing, but the preliminary merger proxy, filed on 23-Aug-22, states that Vista and institutional investors have committed $3.875bn and $2.6bn of equity financing, respectively, while Reuters and Bloomberg reported that $2.75bn will come from debt financing through private lenders. The companies confirmed that an HSR filing was made on 22-Aug-22, suggesting the waiting period will expire on ...

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