Priority Technology to be taken private in $1.6 billion CEO-led buyout

Priority Technology Holdings announced that a consortium headed by its chairman and CEO Thomas Priore will acquire the company and take it private in a transaction valued at about $1.6 billion. The buyer will pay $8.05 in cash for each share it does not already own, representing a 65% premium to the unaffected market price and more than 30% above Priore's prior $6-$6.15 per-share proposal. Equity commitments for the acquisition were provided by funds advised by Searchlight Capital Partners.

The deal received unanimous endorsement from a special committee of independent directors after consultation with legal and financial advisers. The agreement also stipulates a $15.75 million termination fee payable by Priority and a $35.25 million reverse-termination fee owed by the buyer. The transaction is expected to close in the first half of 2027.