EQT Private Equity Completes Go-Private Deal for B2B Payments Firm Billtrust
The EQT X fund, part of global investment firm EQT, has completed its acquisition of BTRS Holdings Inc (Billtrust), a B2B order-to-cash software specialist. The deal, announced in September, values Billtrust at $1.7bn, based on EQT’s cash purchase of $9.50 per share.
“We believe B2B payments and accounts receivable continue to be ripe for massive disruption and innovation, and our partnership with EQT will provide us with greater resources and flexibility to build on our leadership position,” Billtrust Founder and CEO Flint Lane said at the time.
With the completion of the acquisition, the NJ-based company’s stock has now ceased trading and will no longer be listed on the Nasdaq.
The acquisition for EQT represents the latest in a string of diverse megadeals. In July 2022, the organization announced plans to purchase solar and storage developer Cypress Creek Renewables for an estimated $2bn.
JP Morgan Securities LLC served as exclusive financial advisor to Billtrust, and Davis Polk & Wardwell LLP acted as legal counsel to Billtrust.
Evercore served as financial advisor to EQT, and Weil, Gotshal & Manges LLP acted as legal counsel to EQT.