Deel, Inc. entered into a Scheme Implementation Agreement to acquire PayGroup Limited for approximately AUD 120 million on June 23, 2022. Under the terms, Deel, Inc. will acquire all shares of PayGroup at a price of AUD 1.00 per share. Transaction is subject to approval of PayGroup shareholder approval and Court approval. PayGroup Board unanimously recommends that shareholders vote in favor of the scheme. Transaction is expected to be implemented in October 2022. As of August 29, 2022, Federal Court of Australia has approved the dispatch of a scheme booklet with respect to a proposed scheme of arrangement. As of September 30, 2022, PayGroup shareholders approved the proposed Scheme of Arrangement. As of November 9, 2022, the scheme has been approved by the Federal Court of Australia. Phil Colaco and Byron Nelson of Deloitte Corporate Finance as financial advisor and K&L Gates as legal advisor to PayGroup. Computershare Investor Services Pty Limited acted as transfer agent to PayGroup.

Deel, Inc. completed the acquisition of PayGroup Limited on November 9, 2022. Jacob Gates and Shannon Karaka have been appointed as new directors of PayGroup.