PAR Technology Corporation (PAR) has acquired Punchh Inc. for approximately $500 million paid in cash and shares of PAR common stock to Punchh stockholders. Punchh is a loyalty and engagement solution for restaurant, retail, and convenience store brands. PAR said the acquisition makes it a unified commerce cloud platform for enterprise restaurants.

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PAR Technology Corporation (PAR) has acquired Punchh Inc. for approximately $500 million paid in cash and shares of PAR common stock to Punchh stockholders. Punchh is a loyalty and engagement solution for restaurant, retail, and convenience store brands. PAR said the acquisition makes it a unified commerce cloud platform for enterprise restaurants.

RTTNews | Apr 8, 2021 09:32AM EDT

09:32 Thursday, April 8, 2021 (RTTNews.com) - PAR Technology Corporation (PAR) has acquired Punchh Inc. for approximately $500 million paid in cash and shares of PAR common stock to Punchh stockholders. Punchh is a loyalty and engagement solution for restaurant, retail, and convenience store brands. PAR said the acquisition makes it a unified commerce cloud platform for enterprise restaurants.

PAR financed the cash consideration of the purchase price through a combination of equity and debt, including proceeds from the sale of $160 million of PAR common stock to PAR Act III, LLC and to funds and accounts advised by T. Rowe Price Associates, Inc. and a $180 million senior secured term loan under a credit agreement, with Owl Rock First Lien Master Fund, L.P., as administrative and collateral agent.

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