From Yahoo Finance: 2025-05-07 08:23:00

TPG and Corpay have partnered to acquire AvidXchange in a $2.2bn all-cash deal, offering $10.00 per share, a 22% premium. TPG Capital will hold the majority stake, while Corpay will invest $500m for a 33% equity share. AvidXchange’s board has approved the deal, which is set to close in Q4 2025 pending approvals.

AvidXchange, specializing in SaaS-based accounts payable automation, targets the middle market. Senior management will retain a portion of equity in the deal. Financial advisors include Financial Technology Partners, Barclays, and Goldman Sachs, with legal counsel from Latham & Watkins and Eversheds Sutherland. TPG received financial advice from J.P. Morgan Securities, Moelis & Company.

CEO Michael Praeger anticipates scaling AvidXchange’s platform with TPG and Corpay’s support, offering innovative solutions. Corpay CEO Ron Clarke expects the deal to boost earnings in 2026 and provide flexibility for growth. Mastercard recently invested $300m in Corpay’s cross-border business, valuing it at $10.7bn, prior to this acquisition.



Read more at Yahoo Finance: TPG and Corpay to take AvidXchange private in $2.2bn deal