Rochester, N.Y.--(Sept. 20, 2002) -- Payroll services provider Paychex Inc., said it will acquire rival Advantage Payroll Services Inc., a privately owned payroll processor, for $240 million in cash.

Paychex will spend about $75 million in cash for the redemption of preferred stock and the repayment of outstanding loans. The company said it expects Advantage to contribute roughly $75 million in revenue over the next year.

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