Payfare to be acquired by Fiserv for C$4.00 per share in cash

Payfare (PYFRF) is pleased to announce that it has entered into a definitive arrangement agreement with 1517452 B.C. Ltd., an affiliate of Fiserv (FI), whereby the purchaser will acquire the company, subject to obtaining shareholder and other customary approvals. Under the terms of the Arrangement Agreement, the Purchaser will acquire all of the issued and outstanding common shares of the company for C$4.00 in cash per share, for total consideration of approximately C$201.5M. The Purchase Price represents a premium of approximately 90% to the closing price on the Toronto Stock Exchange of the common shares on December 20, the last trading day prior to the announcement of the Transaction, and a premium of approximately 92% to the 60-day volume weighted average trading price of common shares as at that date. The Transaction is not subject to a financing condition and is expected to close in the first half of 2025. Upon closing of the Transaction, the Purchaser intends to cause the issued and outstanding shares of the company to cease to be listed on the TSX and the OTCQX, and to cause the company to submit an application to cease to be a reporting issuer under applicable Canadian securities laws. In addition, all of the directors and senior officers of the company have entered into voting support agreements, pursuant to which they have agreed to, among other things, vote in favour of the Transaction.