Case Study: Advising PAR Technology on its acquisition of TASK Group
The Background
We are advising PAR Technology Corporation (NYSE: PAR) (PAR) on its acquisition of TASK Group Holdings Limited (ASX:TSK) (TASK) by way of a scheme of agreement. This acquisition was led by our Corporate, M&A & Capital Markets team, but were supported by our IP & Technology team, who worked on conducting due diligence into the ownership and rights to use critical IP assets, such as the company's software products and key brands.
The Significance
PAR is a global foodservice technology company providing unified commerce to enterprise restaurants. PAR’s offerings include software, payment transaction services, drive-thru communications and restaurant hardware platforms used in over 70,000 restaurants in more than 110 countries.
Combined with Australia-based TASK's transaction management platform used by some of the world’s most coveted brands including McDonald’s and Starbucks, the acquisition aligns with PAR's global vision and strategy of acquiring best-in-class products.
The transaction is valued at approximately AUD $330 million and is subject to the satisfaction or waiver of certain conditions. Given the global nature of the acquisition, the Clayton Utz team worked collaboratively with Gibson Dunn, acting as PAR's United States legal counsel, and Simpson Grierson, acting as PAR's New Zealand legal counsel.