Cantaloupe to be Acquired by 365 Retail Markets for $848M in All-Cash Deal

Cantaloupe has agreed to be acquired by 365 Retail Markets in an all-cash transaction valued at approximately $848 million. This acquisition aims to strengthen Cantaloupe's position in the retail technology market, expanding its customer base and increasing its market share. The transaction is expected to be completed in the second half of 2023.

MALVERN, Pa. & TROY, Mich. — Cantaloupe Inc. (NASDAQ: CTLP), a global technology leader in end-to-end technology solutions for self-service commerce, has entered into a definitive agreement to be acquired by 365 Retail Markets, LLC ("365"), a leading innovator in unattended retail technologies. The all-cash transaction, valued at approximately $848 million, is expected to close in the second half of 2025 [1].

Under the terms of the agreement, Cantaloupe shareholders will receive $11.20 per share in cash, representing a 34% premium to the company's unaffected closing stock price on May 30, 2025. The transaction, approved unanimously by the Cantaloupe Board of Directors, aims to accelerate growth in unattended retail and enhance Cantaloupe's product offerings for customers in fast-growing markets and verticals [1].

365 Retail Markets, a portfolio company of Providence Equity Partners L.L.C., will acquire Cantaloupe, which will become a privately-held company upon completion of the transaction. The combined company will offer a seamless unattended retail platform, integrating Cantaloupe's frictionless payments, software services, and 365's self-checkout technology for foodservice operators [1].

The acquisition is expected to unlock meaningful synergies, including customer cost savings, cross-sell opportunities, and growth through new product rollouts and increased software adoption. Together, Cantaloupe and 365 will have a diversified portfolio and be better positioned to serve both foodservice operators (FSOs) and non-FSO customers across various sectors, with a growing footprint in North America, Latin America, and Europe [1].

"Cantaloupe's technology and expertise in unattended retail will significantly enhance 365's offerings," said Joe Hessling, Founder and CEO of 365. "We look forward to working with Cantaloupe to deliver a broader, more innovative suite of solutions to our customers around the world." [1]

Douglas Bergeron, Chairman of the Board of Cantaloupe, added, "This is the right next step for Cantaloupe, and we are excited about the journey ahead as we write our next chapter alongside 365 and Providence." [1]

The transaction is not subject to a financing condition, and 365 has received fully committed financing for the acquisition. Certain shareholders and members of the Cantaloupe Board of Directors have entered into voting agreements, representing approximately 14% of the voting power of Cantaloupe's stock [1].

Advisors J.P. Morgan Securities LLC and King & Spalding LLP are serving as exclusive financial and legal counsel to Cantaloupe, respectively. William Blair and Weil, Gotshal & Manges LLP are serving as financial and legal counsel to 365 and Providence, respectively [1].

References:
[1] https://www.businesswire.com/news/home/20250616074721/en/Cantaloupe-Inc.-Enters-into-Definitive-Agreement-to-Be-Acquired-by-365-Retail-Markets