EQT Private Equity completes acquisition of Billtrust in $1.7b deal

By Gloria Methri

Global investment firm EQT Private Equity has completed its acquisition of B2B payments company Billtrust. The transaction was announced on September 28 and was approved by shareholders on December 13, 2022.

The all-cash transaction values Billtrust’s equity at about $1.7 billion and comes a year after the company began trading on Nasdaq. Under the terms, Billtrust shareholders will receive $9.50 per share in cash. With the completion of the acquisition, Billtrust has ceased trading and will no longer be listed on Nasdaq.

“This transaction marks the beginning of an exciting new chapter for Billtrust, our customers and employees while providing shareholders and immediate and substantial cash value with a compelling premium,” Billtrust Founder and CEO Flint Lane had said at the time.

“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.”

Based in New Jersey, Billtrust’s cloud-based software helps businesses move from paper invoicing to a digital payments system. The company, which had been looking for a buyer for several months, went public in a special purpose acquisition company (SPAC) merger in 2021.

J.P. Morgan Securities LLC served as exclusive financial advisor to Billtrust, while 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.

EQT is a global investment organization with Є114 billion in assets under management within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific, and the Americas and supports them in achieving sustainable growth, operational excellence, and market leadership.