Paychex to buy payroll firm Paycor in $4.1 bln deal

Reuters

01-07

UPDATE 1-Paychex to buy payroll firm Paycor in $4.1 bln deal

Adds share movement and details from the release in paragraphs 2-3

Jan 7 (Reuters) - HR management firm Paychex PAYX.O said on Tuesday it has agreed to acquire payroll processing firm Paycor PYCR.O for about $4.1 billion in cash.

Paychex will pay $22.50 for each Paycor share, representing about 21.4% premium to Paycor's last close on Friday, before the news was reported.

Shares of the Cincinnati-based Paycor fell 3.4% in premarket trading. Paychex rose 1.46%.

(Reporting by Priyanka.G in Bengaluru; Editing by Shilpi Majumdar)

((Priyanka.G@thomsonreuters.com))

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