Cincinnati-based Paycor, the company that owns the naming rights to the stadium where the Cincinnati Bengals play, has entered a definitive agreement to be acquired by another company.According to a press release, the agreement is between Paycor and Paychex, Inc., based in Rochester, New York. The transaction is all-cash for $22.50 per share and represents an enterprise value of approximately $4.1 billion.Paychex says in its release that the definitive agreement has been unanimously approved by the Boards of Directors at both companies.“I’m excited to welcome Paycor to the Paychex family,” said John Gibson, President and CEO of Paychex in a release. “For over 50 years, Paychex has been committed to helping businesses succeed. This acquisition represents a significant milestone in our journey to provide best-in-class HCM solutions to businesses of all sizes.” Paychex serves over 745,000 customers in the U.S. and Europe and pays out one out of every 12 Americans in the private sector. Paychex also employs more than 16,000 people.“Paycor’s mission is to empower business leaders to achieve greater success,” said Raul Villar, Jr., CEO of Paycor in a press release. “We believe this transaction will create a great outcome for our clients and key stakeholders, and we are very excited to be joining Paychex for the next phase of our journey. We are confident that our customers will benefit from the shared expertise, resources, and innovative HCM (human capital management) solutions of both companies to drive even greater people and business performance.”The acquisition is expected to close in the first half of the 2025 calendar year.It is not known if the “Paycor” name will be retained, leaving the possibility open that the Bengals could have another new name on their stadium.Formerly known as Paul Brown Stadium, Paycor purchased the naming rights to the stadium on the eve of the 2022 season beginning. Paycor has served as the team’s official and exclusive HR software provider since 2018.For more on Paychex’s acquisition of Paycor, click here.
Cincinnati-based Paycor, the company that owns the naming rights to the stadium where the Cincinnati Bengals play, has entered a definitive agreement to be acquired by another company.
According to a press release, the agreement is between Paycor and Paychex, Inc., based in Rochester, New York. The transaction is all-cash for $22.50 per share and represents an enterprise value of approximately $4.1 billion.
Paychex says in its release that the definitive agreement has been unanimously approved by the Boards of Directors at both companies.
“I’m excited to welcome Paycor to the Paychex family,” said John Gibson, President and CEO of Paychex in a release. “For over 50 years, Paychex has been committed to helping businesses succeed. This acquisition represents a significant milestone in our journey to provide best-in-class HCM solutions to businesses of all sizes.”
Paychex serves over 745,000 customers in the U.S. and Europe and pays out one out of every 12 Americans in the private sector. Paychex also employs more than 16,000 people.
“Paycor’s mission is to empower business leaders to achieve greater success,” said Raul Villar, Jr., CEO of Paycor in a press release. “We believe this transaction will create a great outcome for our clients and key stakeholders, and we are very excited to be joining Paychex for the next phase of our journey. We are confident that our customers will benefit from the shared expertise, resources, and innovative HCM (human capital management) solutions of both companies to drive even greater people and business performance.”
The acquisition is expected to close in the first half of the 2025 calendar year.
It is not known if the “Paycor” name will be retained, leaving the possibility open that the Bengals could have another new name on their stadium.
Formerly known as Paul Brown Stadium, Paycor purchased the naming rights to the stadium on the eve of the 2022 season beginning. Paycor has served as the team’s official and exclusive HR software provider since 2018.
For more on Paychex’s acquisition of Paycor, click here.
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