PAR - Par Technology acquires Punchh in stock and cash deal of~$500M
PAR Technology (PAR) acquires Punchh, a leader in loyalty and guest engagement solutions, for ~$500M paid in cash and shares of PAR common stock to Punchh stockholders.The company said this acquisition makes PAR a unified commerce cloud platform for enterprise restaurants and positions PAR to lead the industry with integrated point-of-sale, back office, payment and guest engagement solutions. PAR financed the cash consideration of the purchase price through a combination of equity and debt, including proceeds from the sale of $160M of PAR common stock to PAR Act III, and to funds and accounts advised by T. Rowe Price Associates and a $180M senior secured term loan under a credit agreement. Keith Pascal, Act III partner, joins the board of directors of PAR Technology Corporation and, Ron Shaich, Act III managing partner and founder of Panera Bread, takes a board observer seat.Shares are up 1.77% PM.
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Par Technology acquires Punchh in stock and cash deal of~$500M