11.06.2019 14:37:37
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H&R Block To Buy Wave Financial For $405 Mln; Boosts Qtly Dividend - Quick Facts
(RTTNews) - Consumer tax services provider H&R Block, Inc. (HRB) agreed Tuesday to acquire all outstanding shares of Canada-based Wave Financial, Inc. a small financial solutions platform, for $405 million, funded with available cash. The transaction is expected to close in the next few months, subject to regulatory approval and customary closing conditions.
The acquisition of a highly compatible business will accelerate H&R Block's strategy in the large and expanding small business market, providing new growth opportunities. Based on the expected timing of closing, H&R Block estimates that the transaction will generate $40 to $45 million of revenue for fiscal 2020.
Wave provides accounting, invoicing, payroll, and payments software solutions, as well as bookkeeping services, built into a comprehensive platform used by over 400,000 small businesses every month.
Following the closing of the transaction, Wave will maintain its leadership team, including Kirk Simpson, operating independently within H&R Block from its headquarters in Toronto, Ontario.
Additionally, the company announced that its Board of Directors approved a 4 percent increase in its quarterly cash dividend to $0.26 per share, payable on July 1, 2019 to shareholders of record as of June 21, 2019. The company also announced that its Board of Directors extended its previous share repurchase authorization three years. Approximately $1.0 billion remains under this authorization, which now expires in June 2022.
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