Xero Limited (ASX: XRO), the global small business platform, announced it has agreed to acquire U.S. SMB bill pay platform Melio for approximately $A4 billion.
To support the acquisition, Xero launched a fully underwritten A$1.85 billion institutional placement. Xero is also undertaking a non-underwritten share purchase plan of up to approximately A$200 million.
G+T is proud to have acted as lead counsel on the institutional placement and SPP components of the equity raising and Australian counsel on the cross-border acquisition, navigating complex regulatory and strategic considerations across multiple jurisdictions including Australia, New Zealand, the United States and Israel.
The G+T team was led by Corporate Advisory partner Craig Semple and special counsel Bridget Sutton, with support from lawyers Sarah McArthur, Callum Steele and Lucy Savona.
Craig Semple commented:
We have worked with Xero for a number of years now, since back to 2018 when it transitioned to a sole ASX listing. At that time, Xero had a market capitalisation of about A$4.5 billion – today it is almost A$30 billion. We love working with the Xero team and feel very fortunate to have been able to again support them on this milestone transaction. The Melio acquisition and associated capital raising demonstrate Xero’s strategic vision and underscores its position as a leading global SaaS company.
