U.S. markets closed
  • S&P 500

    4,163.29
    -10.56 (-0.25%)
     
  • Dow 30

    34,327.79
    -54.34 (-0.16%)
     
  • Nasdaq

    13,379.05
    -50.93 (-0.38%)
     
  • Russell 2000

    2,227.12
    +2.49 (+0.11%)
     
  • Crude Oil

    66.36
    +0.99 (+1.51%)
     
  • Gold

    1,867.20
    +29.10 (+1.58%)
     
  • Silver

    28.32
    +0.95 (+3.47%)
     
  • EUR/USD

    1.2155
    +0.0009 (+0.07%)
     
  • 10-Yr Bond

    1.6400
    +0.0050 (+0.31%)
     
  • GBP/USD

    1.4141
    +0.0039 (+0.28%)
     
  • USD/JPY

    109.2370
    -0.1100 (-0.10%)
     
  • BTC-USD

    44,790.95
    +309.27 (+0.70%)
     
  • CMC Crypto 200

    1,242.19
    +44.27 (+3.70%)
     
  • FTSE 100

    7,032.85
    -10.76 (-0.15%)
     
  • Nikkei 225

    27,824.83
    -259.67 (-0.92%)
     

PAR Technology Stock Is Trading Higher On Acquiring Punchh For $500M

  • Oops!
    Something went wrong.
    Please try again later.
Anusuya Lahiri
·1 min read
  • Oops!
    Something went wrong.
    Please try again later.
  • PAR Technology Corp (NYSE: PAR) has acquired loyalty and guest engagement solutions provider Punchh Inc for $500 million in cash and PAR stock.

  • This arrangement will catapult PAR into a unified commerce cloud platform for enterprise restaurants and position it to lead the industry with integrated point-of-sale, back office, payment, and guest engagement solutions.

  • PAR financed the cash component through a combination of equity and debt, including sale proceeds from $160 million of PAR shares to T. Rowe Price Associates affiliate PAR Act III and a $180 million senior secured term loan from Owl Rock First Lien Master Fund as administrative and collateral agent.

  • Act III Partner Keith Pascal joined the PAR board. Act III Managing Partner and founder of Panera Bread Ron Shaich assumed a Board Observer seat.

  • "This eliminates the need for juggling disjointed vendors, developing cumbersome point-to-point integrations, and relying on 3rd party dependencies. At the same time, Punchh advances our ability to provide customers with an end-to-end solution, from guest-to-kitchen, through one unified data source," CEO Savneet Singh said.

  • PAR held $180.7 million in cash and equivalents as of Dec. 31, 2020.

  • Price action: PAR shares traded higher by 21.3% at $75.60 on the last check Thursday.

See more from Benzinga

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.