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M&A momentum within the payments space continued to progress throughout the end of the third quarter. To kick things off, PNC Financial announced last week it has acquired the restaurant POS and payments firm, Linga, for an undisclosed sum. This acquisition builds upon PNC’s existing technology suite and allows the bank to expand their merchant acquiring footprint across the U.S. and beyond. Separately, Billtrust announced last week it has entered into an agreement to be acquired by EQT Private Equity in an all-cash transaction valuing Billtrust at approximately $1.7 billion. This price reflects a premium of 64% above the closing share price last Tuesday. Billtrust entered into a SPAC deal back in October of 2020 and this decision to go back to being a private enterprise is evident of the poor performance SPAC deals have played in recent years.
In other M&A news, the Indian-based payment gateway, Razorpay, announced last week it has acquired the loyalty and rewards software provider, PoshVine, for an undisclosed sum. This deal marks Razorpay’s seventh acquisition and follows their recent acquisition of the POS firm Ezetap back in August of this year.