New Zealand Xero makes largest-ever acquisition, buying Planday

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(The Nzherald)

Xero is making its largest-ever acquisition.

The Wellington-based, ASX-listed company will acquire Planday, a maker of workforce management software, for an upfront payment of €155.7 million ($259m) and a possible earnout of up to €27.8m if revenue targets are hit – for a total potential consideration of €183.5 million. Net cash was $177m, supplemented by undrawn credit of $150m.

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