SPACInsider Logo
Billtrust (BTRS) to Be Acquired by EQT Private Equity at $9.50 Per Share
by Nicholas Alan Clayton on 2022-09-28 at 12:43am

Billtrust (NASDAQ:BTRS), which combined with South Mountain in January 2021, announced this morning that it has agreed to be acquired by private equity fund EQT in an all-cash deal for $9.50 per share.

This is a 76% premium over the stock’s 90-day VWAP and a 64% premium over its last close at $5.77. Although this comes in -5% below South Mountain’s $10 IPO price, it nonetheless represents a major victory in the current market, with its host exchange down -29.7% on the year.

Other de-SPAC acquisitions this year have not been so generous. 2020 de-SPAC SOC Telemed announced in February it would be acquired for $3 per share, while Romeo Power (NYSE:RMO) agreed to be acquired by fellow de-SPAC Nikola (NASDAQ:NKLA) in August, exchanging each Romeo share for 0.1186 Nikola shares. That rate equated to roughly $0.81 per share in value on the day it was announced, or $0.46 per share as of market open today.

Lawrenceville, New Jersey-based Billtrust provides accounts receivable (AR) and accounts payable (AP) software with order-to-cash credit solutions to improve cashflow and eliminate paper invoicing.

It reported $40.2 million in net revenue in the second quarter of 2022 with -$4.2 million EBITDA, while bumping up its full year guidance slightly to $197 million to $207 million in net revenue with -$14 million to -$16 million in EBITDA losses.

 

 

Recent Posts
by Kristi Marvin on 2023-01-28 at 1:59pm

Terms Tracker for the Week Ending January 27, 2022 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. We’re coming up on the end of January, the first month of the year, and to-date no new S-1s have been filed. Additionally, the number...

by Marlena Haddad on 2023-01-27 at 11:34am

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News: Circle spokesperson denies blaming SEC for failed deal, BuzzFeed CEO says AI-powered content will be part of core business, and FaZe Clan faces possible delisting Circle Spokesperson Denies Blaming SEC for Failed $9 Billion Deal...

by Nicholas Alan Clayton on 2023-01-27 at 10:00am

Health Sciences 2 (NASDAQ:HSAQ) announced that it closed its combination with Orchestra BioMed on January 26. HSAQ ahead of its vote pre-announced redemption figures of 1,597,888 shares equating to 67.7% redemptions, however, that’s still subject to change.  However, today it was noted that Orchestra BioMed is to receive $70 million in gross proceeds including $20...

by Kristi Marvin on 2023-01-27 at 7:33am

Carbon capture technology has long been talked about, and it is finally in operation with LanzaTech among the pioneers. Its plants are turning potential emissions into clothing, household goods and sustainable fuels. SPAC cash is now also an accelerant in this new process as the company announced a $1.7 billion combination with AMCI II last March. This week, we caught up with...

by Nicholas Alan Clayton on 2023-01-27 at 7:30am

In this series we’ll be examining successful SPAC deals from the past both in the terms and circumstances of their de-SPAC processes and how they have weathered the storms that have followed after their public listings with research from SPACInsider contributor Anthony Sozzi. Thirty months does not sound like that long, but it’s been a...

Privacy Policy|Terms Of Use
Copyright © 2022 SPACInsider, Inc. All Rights Reserved