Billtrust $1.7 billion acquisition by EQT Private Equity

Davis Polk is advising BTRS Holdings Inc. (“Billtrust”) on its $1.7 billion all-cash acquisition by EQT Private Equity. The transaction, which was approved by the Billtrust board of directors, is expected to close in the first quarter of 2023, subject to customary closing conditions, including approval by Billtrust shareholders and receipt of applicable regulatory approval. Upon completion of the transaction, Billtrust’s shares will no longer trade on the Nasdaq, and Billtrust will become a private company.

Billtrust is a leading provider of cloud-based software and integrated payment processing solutions that simplify and automate business-to-business commerce. Billtrust is at the forefront of the digital transformation of accounts receivable, providing mission-critical solutions that span credit decisioning and monitoring, online ordering, invoice delivery, payments and remittance capture, invoicing, cash application and collections.

EQT is a purpose-driven global investment organization with €77 billion in assets under management as of June 2022, across 36 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and the Americas with total sales of approximately €29 billion and more than 280,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

The Davis Polk corporate team includes partners Nicole Brookshire, Marc O. Williams and Evan Rosen and associates Heather Weigel and Samuel Liebmann. The executive compensation team includes partner Veronica M. Wissel and counsel Kevin A. Brown. The antitrust and competition team includes partner Ronan P. Harty. Partner Kara L. Mungovan is providing tax advice. Partner Pritesh P. Shah is providing intellectual property advice. All members of the Davis Polk team are based in the New York office.