07:43 AM EST, 12/23/2024 (MT Newswires) -- Payfare ( PYFRF ) , which facilitates instant access to wages and digital banking, will be acquired by NYSE-listed Fiserv ( FI ) for $201.5 million, or $4 cash per share.

The purchase price is a 90% premium to the closing price on the Toronto Stock Exchange on Dec. 20, the last trading day before the transaction's announcement, and a premium of 92% to the 60-day volume weighted average trading price.

"This transaction represents tangible recognition of the value and strength of what Payfare ( PYFRF ) has built as we embark on this exciting new chapter," said Payfare ( PYFRF ) Chief Executive Marco Margiotta.

The transaction, which is not subject to a financing condition, is expected to close in the first half of next year.