WEX to Acquire Electronic Funds Source for ~$1.1B

WEX Inc. WEX, a leading provider of corporate payment solutions, today announced it has entered into a definitive agreement to acquire Electronic Funds Source LLC ("EFS") for a total consideration of approximately $1.1 billion in cash and 4.0 million shares of common stock to be issued to investment funds affiliated with Warburg Pincus, EFS' current owner. The acquisition is expected to be immediately accretive to adjusted net income. "We are very excited about the prospect of combining these two great companies, which have a strong customer orientation, aligned strategy and a complementary footprint," said Melissa Smith, WEX's president and chief executive officer. "We believe this acquisition strengthens our value proposition to customers with See full press release
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: NewsM&APress Releases
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!