BTRS Wins Stockholder Approval For Merger With EQT Private Equity

BTRS Holdings Inc BTRS stockholders voted to approve the definitive merger agreement with an affiliate of EQT X Fund (EQT Private Equity) at a special meeting of the company's stockholders.
Under the agreement, an affiliate of EQT Private Equity will acquire all of the outstanding shares of Billtrust common stock for $9.50 per share in cash.
The transaction will likely close on December 16, 2022.
Upon completion of the transaction, Billtrust's shares will no longer trade on the NASDAQ, and Billtrust will become a private company.
Billtrust provides cloud-based software and integrated payment processing solutions that simplify and automate B2B commerce.
In September, the EQT X fund agreed to acquire BTRS in an all-cash transaction valuing Billtrust's equity at $1.7 billion.
The purchase price per share implied over 64% premium above the closing share price of $5.77 on September 27.
Price Action: BTRS shares closed higher by 0.32% at $9.49 on Tuesday.