RTTNews | Apr 8, 2021 10:20AM EDT

10:19 Thursday, April 8, 2021 (RTTNews.com) - Shares of PAR Technology Corp. (PAR) are soaring over 21% Thursday moring, after the company announced that it has acquired Punchh Inc., a provider of loyalty and guest engagement solutions, for about $500 million paid in cash and shares of PAR common stock to Punchh stockholders.

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.

PAR, which has been trading in the range of $13.14 - $90.35 for the past one year, is currently trading at $75.66, up $13.34 or 21.41%, with trading volume of 230K versus an average volume of 250K shares.

Read the original article on RTTNews ( https://www.rttnews.com/3183547/stock-alert-par-technology-shares-surge-21-on-punchh-acquisition.aspx)

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