The customer engagement firm Parago has officially become a subsidiary of Blackhawk Network.
This $290 million all-cash transaction was first announced on Sept. 25. The purpose of this deal is to expand Blackhawk's corporate promotional offerings.
Parago will remain headquartered in Dallas. Juli Spottiswood, Parago's president, will lead Blackhawk's incentive business. She will report to Blackhawk Network President Talbott Roche.
Separately, the Pleasanton, Calf.-based Blackhawk also announced in an Oct. 24 press release the completion of a $200 million expansion of its existing credit facility. The total aggregate principal amount of the facility is now $725 million, including term loans outstanding of $375 million following the Parago acquisition, revolving loans up to $250 million of which $50 million was outstanding following the Parago deal, and a facility that provides about $200 million for letters of credit in which $47 million is currently outstanding.