Xero to Buy Melio for Initial $2.5 Billion in U.S. Growth Play
SYDNEY—Accounting-software provider Xero XRO 0.39%increase; green up pointing triangle will acquire bill-pay platform Melio for an initial US$2.5 billion in a deal that Xero said significantly accelerates its U.S. revenue growth.
The New Zealand company on Wednesday said it would partly fund the largest acquisition in its 19-year history with a US$1.2 billion institutional placement. It will also draw upon a US$400 million unsecured credit facility and US$600 million of existing cash.
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