The Cincinnati Bengals and Hamilton County are requesting $350 million from the state of Ohio to fund renovations to Paycor Stadium.
The proposed renovation plan totals $830 million, which the county says is about a third of the cost of a new NFL stadium. It would include stadium-wide improvements to accessibility infrastructure and enhance Paycor’s canopy and roofing systems, along with the addition of new club-level suites, expanded lounges, standing-room patios, and an improved scoreboard in the north end zone.
Editor’s note: It is not clear at this time whether the existing naming rights for Paycor Stadium will survive the acquisition or if the Norwood based Paycor’s plan to relocate its headquarters from Norwood to the former Saks building in downtown Cincinnati will continue.
Rochester, N.Y.(January 7, 2025) – Paychex, Inc. (Nasdaq: PAYX) (“Paychex”), an industry-leading human capital management (HCM) company delivering a full suite of technology and advisory solutions in human resources, employee benefit solutions, insurance, and payroll today announced it has entered into a definitive agreement to acquire Paycor HCM, Inc. (Nasdaq: PYCR) (“Paycor”), a leading provider of HCM, payroll and talent software in an all-cash transaction for $22.50 per share, representing an enterprise value of approximately $4.1 billion. The definitive agreement has been unanimously approved by the Boards of Directors of both companies.
Headquartered in Cincinnati, Ohio, Paycor has approximately 2,900 employees, serves over 49,000 clients, and supports approximately 2.7 million employees across the United States. Paycor’s leading HCM, payroll, and talent platform was designed to serve organizations of all sizes, from ten to thousands of employees. Paycor has expanded its upmarket position since becoming a public company in 2021 by consistently investing in data, AI, and other cutting-edge technologies.
“I’m excited to welcome Paycor to the Paychex family,” said John Gibson, President and CEO of Paychex. “For over 50 years, Paychex has been committed to helping businesses succeed. This acquisition represents a significant milestone in our journey to provide best-in-class HCM solutions to businesses of all sizes.”
Gibson added: “The acquisition of Paycor is highly complementary. It will enhance our capabilities upmarket, broaden our suite of AI-driven HR technology capabilities, and provide new channels for sustained long-term growth. Our customers will benefit from an expanded suite of technology and advisory solutions designed to help them address their HR challenges, and Paycor’s customers will benefit from our broad product set of HR advisory and employee solutions and from the scale and tradition of operational and service excellence that Paychex is well-known for in the marketplace.”
“Paycor’s mission is to empower business leaders to achieve greater success,” said Raul Villar, Jr., CEO of Paycor. “We believe this transaction will create a great outcome for our clients and key stakeholders, and we are very excited to be joining Paychex for the next phase of our journey. We are confident that our customers will benefit from the shared expertise, resources, and innovative HCM solutions of both companies to drive even greater people and business performance.”
Overview of Transaction Rationale
Combined offering will be one of the most comprehensive HCM portfolios in the industry, allowing Paychex to better meet the needs of new and existing customers across all customer segments
Paycor’s strength upmarket will complement Paychex’s position in this customer segment
Acquisition significantly expands Paychex’s sales coverage and adds additional growth platforms via access to Paycor’s strategic partnerships and embedded HCM capabilities
Shared emphasis on helping businesses succeed through leading technology and advisory solutions and commitment to investing in product innovation and using data and AI to provide actionable insights to customers
Expected run-rate cost synergies in excess of $80 million in the near-term and substantial revenue synergy opportunity over the next several years
Expected to be neutral to slightly accretive to adjusted diluted EPS in the first fiscal year post-close and accretive in the second fiscal year and beyond[1]
Transaction Details
All-cash acquisition of 100% of Paycor for $22.50 per share, reflecting approximately $4.1 billion enterprise value
Represents a premium of approximately 19% over Paycor’s 30-day volume weighted average trading price as of the unaffected trading date of January 3, 2025
Paychex is committed to maintaining our dividend policy and strong balance sheet and has obtained committed financing to support the transaction, which is expected to be funded with incremental debt
Acquisition is expected to close in the first half of calendar 2025, subject to satisfaction of regulatory approvals and other customary closing conditions
Pride Aggregator, LP, an affiliate of Apax Partners LLP, currently owns 96.1 million of Paycor’s shares, representing a majority of Paycor’s outstanding common stock. Pride Aggregator, LP has approved the transaction by written consent
Former Loveland Magazine Intern and Loveland native Ricky Mulvey talks about Hamilton County naming rights.
NFL Football is back this week, should you be keeping an eye on the companies plastered on the side of stadiums?
Ricky Mulvey and Dylan Lewis discuss:
– Why stadium sponsors generally don’t outperform their peers or the market.
– When major sponsorships do and don’t make sense as part of a marketing budget.
– Monster Energy’s brilliance in focusing on extreme sports.
MAKING THE WORLD SMARTER, HAPPIER, AND RICHER
Through expert investment guidance
Join Over Half a Million Premium Members Receiving
• New Stock Picks Each Month
• Detailed Analysis of Companies
• Model Portfolios and Advanced Tools
• Live Streaming During Market Hours
What’s in a Name?”
The Motley Fool’s name comes from William Shakespeare’s play “As You Like It”. The court jester, known as the Fool, could speak the truth to the king and queen without having his head lopped off. The Fools of yore entertained the court with humor that instructed as it amused. More importantly, the Fool was never afraid to question conventional wisdom. In the same way, we aim to speak the truth about money and investing…and to make financial guidance accessible to people of all backgrounds and experience levels.
The NFL powers-that-be threw that riddle at the Bengals Friday when the owners voted to potentially send the AFC North champion and 11-4 Bengals on the road to Baltimore for next week’s Wild Card playoff game if they lose Sunday’s season finale at Paycor Stadium (1 p.m.-Cincinnati’s Local 12) against the 10-6 Ravens and then lose a coin flip for home field.
Despite a better winning percentage no matter the outcome, the only way the Bengals can secure a Paycor playoff game next week is with a win over a Baltimore team that doesn’t have quarterback Lamar Jackson (knee) for the fifth straight game and maybe not backup Tyler Huntley (throwing shoulder), limited all week and called questionable by head coach John Harbaugh.
Up-dated at 8:38 AM with this Buffalo Bills Statement
The Buffalo Bills issued the following statement at 1:48 am on Damar Hamlin’s condition.
Photo by Buffalo Bills
“Damar Hamlin suffered a cardiac arrest following a hit in the Buffalo Bills’ game versus the Cincinnati Bengals. His heartbeat was restored on the field and he was transferred to the University of Cincinnati Medical Center for further testing and treatment. He is currently sedated and listed in critical condition.”
Hamlin’s injury took place at the 5:58 mark of the first quarter. The game was postponed by the NFL after Hamlin received medical attention on the field.
The team and all of the sports world continue to pray for his recovery. Get well soon Damar!
Statement: Cincinnati Bengals
The Bills at Bengals game has been suspended until further notice. We will provide more details as they are available.
From Bengals.com:
The Bengals’ Monday night game against the Bills at Paycor Stadium was postponed when Bills safety Damar Hamlin was taken from the field in critical condition.
Hamlin went down with 5:58 left in the first quarter when he tackled Bengals wide receiver Tee Higgins after what appeared to be routine a 13-yard gain. He got up and then suddenly collapsed.
NFL commissioner Roger Goodell said Hamlin received immediate medical attention on the field by team and independent medical staff and local paramedics. He was then transported to University of Cincinnati Medical Center.
“Our thoughts are with Damar and the Buffalo Bills,” Goodell said in the statement. “We will provide more information as it becomes available. The NFL has been in constant communication with the NFL Players Association, which is in agreement with postponing the game.”
A pall quickly fell over the most anticipated Monday Night Football game in recent memory that was not only taking place before a national television audience but in front of an overflow crowd thought to be the biggest crowd in Paycor history.
Hamlin, 24, is a second-year player from the University of Pittsburgh.
In a midnight media conference call, Troy Vincent, the NFL’s executive vice president of football operations, said the decision to postpone the game came after the head coaches, Zac Taylor of the Bengals and Sean McDermott of the Bills, met with their teams back in the locker rooms.
“It was fluid and things were changing by the minute. The emotions you can imagine in both locker rooms,” said Vincent, who along with NFL commissioner Roger Goodell and NFL Players Association executive director DeMaurice Smith were patched into conversations with the coaches and head referee Shawn Smith.
“I commend both of those coaches. Tough situation to go back and look at 53 men in the locker room to just try and calm people down. It was obvious on the phone with them that emotions were extremely high. It was a very volatile situation and I think the coaches, they led tonight. They led their locker rooms.”
Vincent said there was no thought of resuming the game after a five-minute delay.
“Five-minute warmup never crossed my mind, personally. And I was the one,” Vincent said, “that was communicating with the Commissioner. We never, frankly, it never crossed our mind to talk about warming up to resume play. That’s ridiculous. That’s insensitive. And that’s not a place that we should ever be in.”
Jeff Miller, NFL executive vice president of communications, public affairs & policy, said there has been no thought about how the league plans to address the unprecedented postponement when it comes to a future date. It won’t be Tuesday. The Bills planned to fly home Monday night, although the league said some of Hamlin’s teammates stayed behind to be with him.
“That’s not the consideration right now,” Miller said. “Our concern is for the player and his well-being. At the appropriate time, I’m sure that we’ll have a conversation around the next steps regarding the game.”
The Official Statement from the NFL:
Tonight’s Buffalo Bills-Cincinnati Bengals game has been postponed after Buffalo Bills’ Damar Hamlin collapsed, NFL Commissioner Roger Goodell announced.
Hamlin received immediate medical attention on the field by team and independent medical staff and local paramedics. He was then transported to a local hospital where he is in critical condition.
Our thoughts are with Damar and the Buffalo Bills. We will provide more information as it becomes available.
The NFL has been in constant communication with the NFL Players Association which is in agreement with postponing the game.
The NFL Network:
Bills safety Damar Hamlin in critical condition after suffering cardiac arrest; Buffalo-Cincinnati game postponed
Buffalo Bills safety Damar Hamlin, 24, suffered a cardiac arrest after making a tackle during Monday night’s game against the Cincinnati Bengals, the Bills announced early Tuesday morning. He is currently sedated and in critical condition.
With just over six minutes remaining in the first quarter Monday night, Hamlin tackled Bengals wide receiver Tee Higgins after a 13-yard catch. Hamlin got to his feet, then collapsed backward. Hamlin received CPR while on the field. According to the Bills, his heartbeat was restored on the field before he was transported in an ambulance to the University of Cincinnati Medical Center for further testing and treatment.
After initially suspending play, the NFL announced the game had been postponed.
“Our thoughts are with Damar and the Buffalo Bills,” the NFL said in a statement on Monday. “We will provide more information as it becomes available. The NFL has been in constant communication with the NFL Players Association which is in agreement with postponing the game.”
The NFLPA said it had been in touch with both teams and the league, and is focused on Hamlin’s “health and well-being.”
Hamlin was attended to immediately by medical staff, with players from both teams surrounding him, many of them visibly emotional. After Hamlin was taken to the hospital, officials spoke with coaches from both teams. The decision was then made to suspend play, with players and coaches exiting the field to the locker room, before the game was ultimately postponed.
On a conference call with the media a couple hours after the game’s postponement, NFL executive vice president of personnel Troy Vincent said there was never any conversation about a five-minute warmup period to resume play, as was referenced during the ESPN broadcast.
“It never crossed our mind to talk about warming up to resume play,” Vincent said. “That’s ridiculous. That’s insensitive.”
Bills players were scheduled to travel back to Buffalo from Cincinnati on Monday night, with a handful of members from the organization staying back to support Hamlin, Vincent said. Members of the Bengals organization, including head coach Zac Taylor, also went to the hospital to check on Hamlin, NFL Network’s Cameron Wolfe reported.
There are currently no plans to resume the Bills-Bengals game and a determination on that will be made at an appropriate time, NFL EVP of communications, public affairs and policy Jeff Miller said on the conference call. The game was halted with six minutes remaining in the first quarter and the Bengals leading, 7-3.
Since his hospitalization, there has been an outpouring of support to a community fundraiser Hamlin previously established.
Hamlin was a sixth-round pick of the Bills in the 2021 NFL Draft. He made his first career start in Week 3 of this season after Buffalo safety Micah Hyde sustained a season-ending injury. Hamlin has remained in the starting lineup ever since.
![[WATCH] $1.25 billion makeover proposed for Paycor Stadium](https://lovelandmagazine.com/wp-content/uploads/2024/09/paycor-improvemants.png)
