The all-cash deal values AvidXchange at $10.00 per share, representing a 22% premium over its closing price on 6 May. TPG, through its flagship TPG Capital vehicle, will acquire a majority interest, while Corpay will contribute approximately $500m for a 33% equity stake. The agreement has received approval from AvidXchange's board of directors and is expected to close in the fourth quarter of 2025, pending shareholder and regulatory approvals. Select senior management from AvidXchange will roll over a significant portion of their equity in support of the deal. AvidXchange offers SaaS-based accounts payable automation and payment solutions tailored to middle market businesses. The investment will support the company's platform scaling efforts and accelerate product development under long-term private ownership. Corpay CEO Ron Clarke added, 'We expect the transaction to be accretive to Corpay's earnings in 2026. The structure gives us flexibility to transform the business and drive...
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