Thomson Reuters Buys Sweden's Pagero In $800 Mln Deal

(RTTNews) - Content and technology company Thomson Reuters Corp. (TRI, TRI.TO) announced Monday the acquisition of Sweden's Pagero Group AB in a recommended public offer for around $800 million or 8.1 billion Swedish Kronor.

Pagero provides e-invoicing and indirect tax solutions, which it delivers through its Smart Business Network. The secure network connects customers to suppliers, customers and authorities, linking 90,000 customers to a platform reaching 14 million companies.

Thomson Reuters noted that Pagero records double-digit revenue growth and is highly profitable in its scaled markets. With Pagero's investment markets scaling up, it sees a pathway to robust overall profitability in the next few years.

Moving forward, Pagero's CEO Bengt Nilsson will report to Thomson Reuters' CEO Steve Hasker. Pagero's financial performance will be reported into Thomson Reuters Corporates segment.

It was in early January that Thomson Reuters announced a public tender offer to acquire Pagero for about SEK 6.4 billion, to be paid in cash. However, in mid- January, the company increased the offer price, with total value of around 8.1 billion kronor.

Steve Hasker, President and CEO of Thomson Reuters, said, "We are excited by the unique potential of Pagero's Smart Business Network and fully recognize the significant value this open ecosystem provides to customers, suppliers and authorities. We will continue to invest in Pagero as we work through a thoughtful and gradual integration, bringing benefits to our shared customers, partners and colleagues."