Paychex Acquires Paycor for $4.1B

Paychex, Inc. has completed the all-cash acquisition of Paycor HCM, Inc. for $22.50 per share, representing approximately $4.1 billion of enterprise value. Funds advised by Apax Partners (the majority Paycor shareholder) and other Paycor stockholders sold their interests; Paychex expects more than $80 million in annual cost synergies and expanded upmarket and revenue opportunities from the combined HCM offerings.