Corpay, TPG to Acquire AvidXchange in $2.2 Billion Deal

MT Newswires Live05-07

Corpay (CPAY) said late Tuesday it agreed to invest in AvidXchange Holdings (AVDX) as part of a deal to take AvidXchange private alongside TPG (TPG) for $10 per share in a cash acquisition that values AvidXchange at $2.2 billion.

Corpay will invest about $500 million for a 33% stake in AvidXchange, while TPG will acquire a majority interest. Corpay expects the deal to be accretive to earnings in 2026.

The purchase price represents a 22% premium over AvidXchange's Tuesday closing price. The deal is expected to close in Q4.

AvidXchange shares were up 19% in recent premarket activity Wednesday, while Corpay rose 1.5%. TPG was up 5%.

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