Kirkland Advises Paycor on $4.1 Billion Acquisition by Paychex

Kirkland & Ellis advised human capital management (HCM), payroll and talent software provider Paycor HCM, Inc. (Nasdaq: PYCR) on a definitive agreement to be acquired by Paychex, Inc. (Nasdaq: PAYX), an HCM company delivering a full suite of technology and advisory solutions in human resources, employee benefit solutions, insurance, and payroll. The all-cash transaction includes a price of $22.50 per share, representing an enterprise value of approximately $4.1 billion. The acquisition is expected to close in the first half of calendar 2025, subject to satisfaction of regulatory approvals and other customary closing conditions.

Read the transaction press release

The Kirkland team included corporate lawyers Will Boothby, Maggie Flores, Steven Choi, Kevin Akrong, Jamie Yoon, Matias Joseph and Joseph Escoto; debt lawyer Andrew Idrizovic; capital markets lawyers Bob Goedert, Kevin Frank and Caleb Pilukas; tax lawyers Sara Zablotney and Olivia Schmerzler; executive compensation lawyers Scott Price, Mike Krasnovsky, Jabir Yusoff and David van den Berg; and antitrust & competition lawyers Ian John, Marin Boney and Chris Salvatore.