- DA Davidson analyst Peter Heckmann had Buy on Paya Holdings Inc PAYA and a price target of $10.00.
- Nuvei Corp NVEI agreed to acquire Paya in an all-cash transaction at $9.75 per share for total consideration of approximately $1.3 billion.
- The proposed purchase price represents a 25% premium to Paya's closing share price on Friday.
- Heckmann viewed the deal positively, though the purchase price represents a slight discount to the analyst's $10 price target.
- The implied transaction multiple represents an enterprise value of approximately 16 times Heckmann's 2023 forecast for an adjusted EBITDA of $85.
- Paya ended the 3Q with $156 million in cash and $248 million in debt, representing net leverage of approximately 1.3 times trailing EBITDA.
- Price Action: PAYA shares traded higher by 24.33% at $9.69 on the last check Monday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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