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Paychex, Inc. Completes Acquisition of Advantage Payroll Services, Inc.

Publication: Business Wire
Publication Date: 20-SEP-02
Format: Online - approximately 346 words
Delivery: Immediate Online Access

Article Excerpt
Business Editors

ROCHESTER, N.Y.--(BUSINESS WIRE)--Sept. 20, 2002

Paychex, Inc. (NASDAQ: PAYX) today announced that it has completed the acquisition of Advantage Payroll Services, Inc. (Advantage).

The purchase price totaled approximately $240 million in cash. In addition, Paychex expended approximately $75 million in cash for the redemption of preferred stock and the...

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