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AI brief of an SEC Form 8-K · Paychex (PAYX)

Paychex to acquire Paycor HCM in $4.1 billion all-cash deal at $22.50 per share

Neutral Impact 5 of 5 m&a Written later

Paychex agreed on January 7, 2025 to acquire Paycor HCM, Inc. for $22.50 per share in cash, an enterprise value of approximately $4.1 billion. Paychex expects the deal to be neutral to slightly accretive to adjusted diluted EPS in the first fiscal year after closing and accretive in the second year and beyond, and it plans to fund the deal largely with incremental debt, supported by a commitment for a bridge loan of up to $3.5 billion.

Key points

  • Price is $22.50 per share in cash, about a 19% premium to Paycor's 30-day volume weighted average price as of January 3, 2025
  • Enterprise value is approximately $4.1 billion; JPMorgan Chase Bank committed to a 364-day bridge loan of up to $3.5 billion
  • Pride Aggregator, LP, an affiliate of Apax Partners, owns 96.1 million Paycor shares, a majority, and has already approved the merger by written consent
  • Closing is expected in the first half of calendar 2025, may not occur before April 15, 2025, and either party may terminate if not completed by October 7, 2025

The filing

CompanyPaychex (PAYX)
Form8-K, current report
Filed with the SECJan 7, 2025, 5:15 PM ET
Accession number0000950103-25-000267

Items reported: 1.01 Material Definitive Agreement7.01 Regulation FD Disclosure

Read the filing on SEC.gov ↗

Written by AI on Nov 8, 2026, 1:30 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on January 07, 2025.

Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.