King & Wood Mallesons (KWM) is pleased to be advising TASK Group Holdings Limited (ASX:TSK) (TASK) which is being acquired by PAR Technology Corporation (NYSE:PAR) (PAR) by way of a scheme of arrangement.
TASK’s shareholders will have the opportunity to elect receive 100% cash consideration or mixed consideration of cash and shares in PAR.
The proposed A$310 million acquisition is a great success story for Australian tech company TASK which was founded by a husband-and-wife team in Sydney 24 years ago. More broadly for the industry, the transaction signals growing appetite for M&A deals in the software sector and is reflective of an uptick in ASX-listed technology companies being acquired.
The KWM team is being led by Partner Anthony Boogert together with Solicitors Richard Karaba and Hae Soo Park.
Commenting on the deal, Partner Anthony Boogert said:
“We are delighted to act for our long-standing client TASK on this significant transaction. It is an exciting outcome for TASK, its shareholders and PAR. We look forward to implementation being achieved shortly and the value that will be delivered through the combined group’s expanded geographic coverage and product suite.”
Given the combined group’s global footprint, the transaction involves cross border collaboration with the United States and New Zealand.
KWM has been advising TASK for over 10 years, including on their 2021 merger with New Zealand-based Plexure.
