We are advising Paychex on the transaction

Davis Polk is advising Paychex, Inc. on its acquisition of Paycor HCM, Inc. in an all-cash transaction for $22.50 per share, representing an enterprise value of approximately $4.1 billion. The transaction is expected to close in the first half of calendar year 2025, subject to the satisfaction of regulatory approvals and other customary closing conditions.

Headquartered in Rochester, New York, Paychex is a human capital management (HCM) company delivering a full suite of technology and advisory services in human resources, employee benefit solutions, insurance and payroll. The company serves over 745,000 customers in the United States and Europe and pays one out of every 12 American private sector employees. The more than 16,000 people at Paychex are committed to helping businesses succeed and building thriving communities where they work and live.

Paycor’s HR, payroll and talent platform connects leaders to people, data and expertise. Headquartered in Cincinnati, Ohio, Paycor has approximately 2,900 employees, serves over 49,000 clients and supports approximately 2.7 million employees across the United States. 

The Davis Polk corporate team includes partner Phillip R. Mills, counsel Malik M. Khalil and associates Evan McQuiston and Jonathan Bi. Partner Ronan P. Harty is providing antitrust and competition advice. Partner Robert F. Smith is providing finance advice. Partner Frank Azzopardi is providing intellectual property advice. Partner Kyoko Takahashi Lin and associate Long Shi are providing executive compensation advice. Partner Michael Mollerus is providing tax advice. Members of the Davis Polk team are based in the New York and London offices. 

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