On June 18, Deluxe announced an agreement to acquire Celero Commerce for $625 million in an all-cash transaction. In 2025, Celero generated approximately $200 million in revenue (approximately 9.4% of DLX's revenue) with 6% growth. Consistent with Deluxe's long-term growth strategy, we think the acquisition adds scale and scope to the Merchant Services (18.7% of 2025 revenue) segment and further improves the company's revenue mix. Management expects the transaction to be EPS accretive in the first year post-close. Management plans to update guidance following the close of the acquisition and reiterated its prior guidance, including revenue of $1.985-$2.050 billion and adjusted (for amortization, restructuring and one-time items) EPS of $3.60-$4.00. We maintain our EPS estimates of $3.82 in 2026 and $4.33 in 2027, which imply respective annual growth rates of 3.9% and 13.4%. We maintain our free cash flow (excluding the add-back of stock-based compensation) per share estimates of $3.48 in 2026 and $4.31 in 2027. Our estimates imply annual FCF yields of 15.2% and 18.8%, respectively. Our $35 price target is based on 8x our 2027 EPS estimate of $4.33. Our multiple represents a 50% discount to our five-year EPS CAGR of 12%. Free cash flow, an improving business mix and the 5.2% dividend yield support our target multiple and moderate risk rating, in our view.