(Bloomberg) — Paychex Inc. is in advanced talks to acquire Paycor HCM Inc., a smaller rival in payroll processing, according to people with knowledge of the matter.
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If talks are successful, and they may still fall apart, a deal may be announced as soon as this week, said the people, who asked not to be identified because the matter is private.
Representatives for Paychex and Paycor didn’t respond to requests for comment on Sunday outside regular business hours.
Paycor had a market value of $3.3 billion at the close of trading in New York on Friday. The Cincinnati-based company’s largest shareholder is an entity controlled by private equity firm Apax Partners, according to data compiled by Bloomberg. Apax declined to comment.
The potential acquisition would mark the largest deal to date from Rochester, New York-based Paychex, which has a market value of $50 billion.
–With assistance from Ryan Gould.
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