Business
Cantaloupe, Inc. Enters into Definitive Agreement to Be Acquired by 365 Retail Markets
Cantaloupe shareholders to receive $11.20 per share in cash, a 34% premium to unaffected stock price Transaction to accelerate growth in unattended retail
About this update from Cantaloupe, Inc.
[{"type":"text","content":"\nCantaloupe shareholders to receive $11.20 per share in cash, a 34% premium to unaffected stock price\n\n\nTransaction to accelerate growth in unattended retail and enhance product offering for customers in fast-growing markets and verticals\n\n\n MALVERN, Pa. & TROY, Mich.--(BUSINESS WIRE)--\nCantaloupe, Inc. (NASDAQ: CTLP) (\"Cantaloupe”), a global technology leader offering end-to-end technology solutions for self-service commerce, today announced it has entered into a definitive agreement to be acquired by 365 Retail Markets, LLC (\"365\"), a leading innovator in unattended retail technologies, in an all-cash transaction with an equity value of approximately $848 million. 365 is a portfolio company of Providence Equity Partners L.L.C. (“Providence”), a specialist private equity firm focused on growth-oriented investments in media, communications, education, and technology companies across North America and Europe. Upon completion of the transaction, Cantaloupe will become a privately-held company.\n\n\nCantaloupe’s and 365’s complementary strengths will enable the combined company to offer a seamless unattended retail platform for customers around the globe, from hardware to software, and payment processing technology to data analytics. Cantaloupe’s offerings in delivering frictionless payments and software services combined with 365’s innovation and focus in self-checkout technology primarily for foodservice operator (FSO) centric, enterprise-focused customers are expected to help expand the combined company’s customer base, product suite, and vertical reach. Together, they will have a diversified portfolio and be better positioned to serve both FSO and non-FSO customers across convenience services, retail, hospitality, and sports and entertainment, with a growing footprint in North America, Latin America, and Europe. The combined company will have a strong financial foundation and the transaction is expected to unlock meaningful synergies to fuel further investment in the business and customer benefits. These synergies include customer cost savings, cross-sell opportunities, and growth through new product rollouts, increased software adoption, and payments expansion.\n\n\n“A rapid transformation in unattended retail is underway right now as our customers look for more sophisticated ways to grow their business,” said Ravi ...