PORTLAND, Maine–(BUSINESS WIRE)–WEX (NYSE: WEX), a arch cyberbanking technology account provider, today appear that it has entered into a absolute acceding to acquirement eNett, a arch provider of B2B payments solutions to the biking industry and Optal, a aggregation that specializes in optimizing B2B transactions, for a absolute application of about $1.7 billion, including about $1.275 billion in banknote and about 2 actor shares of WEX accepted banal paid to the sellers. WEX is accepting eNett from Travelport and its owners, affiliates of Siris Capital Group, LLC and Elliot Management Corporation’s clandestine disinterestedness affiliate, Evergreen Coast Capital Corp. WEX is accepting Optal from clandestine shareholders. The two companies, which are already awful chip companies, will be absolutely chip beneath WEX’s ownership.
“The aggregate of WEX’s biking business with eNett and Optal added strengthens our administration in the all-around biking marketplace,” said Melissa Smith, WEX’s Chair and CEO. “In particular, this transaction strengthens our position alfresco of the US, adds a different but commutual artefact suite, and brings a accomplished aggregation with adeptness in operating in all-embracing markets. We are assured this transaction will accredit us to advance our advance by deepening and accretion our position in the all-around biking market, adorning our artefact offerings to added absolutely abode the needs of our Biking customers, and diversifying our business geographically while abbreviation our acknowledgment to macro-economic factors.”
Anthony Hynes, Managing Director and CEO of eNett commented, “We are admiring to be abutting armament with WEX to action arch biking companies globally an added and unrivalled apartment of avant-garde payments solutions. We attending advanced to alive with the WEX aggregation to auspiciously accommodate our commutual assets, including our technology, products, and best importantly, our people.”
“As a accumulated company, we will be abnormally positioned to abode the best complicated acquittal challenges of biking companies beyond the globe. We are aflame about the approaching and attending advanced to the befalling to adeptness a broader set of customers,” said Robert Bishop, Managing Director and CEO of Optal.
Pursuant to the acceding of the agreement, WEX will access eNett and Optal for absolute application of about $1.275 billion in banknote and about 2 actor shares of accepted banal paid to the sellers. The banknote allocation of the transaction is actuality adjourned through a aggregate of banknote on duke and new debt. The WEX accepted banal issued in affiliation with the transaction is admired at about $425 million, based on WEX’s volume-weighted boilerplate amount over the accomplished 30 trading canicule above-mentioned to signing.
The transaction, which has been absolutely accustomed by the WEX lath of directors, is accepted to be completed mid year in 2020, accountable to authoritative approvals and added accepted closing conditions.
BofA Balance and Grant Samuel are acting as cyberbanking admiral and Clifford Chance and Wilmer Cutler Pickering Hale and Dorr LLP are acting as acknowledged admiral to WEX. Acclaim Suisse Balance (USA) LLC and LionTree Admiral are confined as cyberbanking advisors, and Wachtell, Lipton, Rosen & Katz is confined as acknowledged counsel, to eNett. Herbert Smith Freehills is acting as acknowledged admiral and Cyberbanking Technology Partners acted as admiral to Optal.
Appointment Alarm Details
In affiliation with this announcement, WEX will host a appointment alarm today, January 24th, at 8:30 a.m. (ET). The appointment alarm will be webcast alive on the Internet and can be accessed forth with the accompanying slides at the Broker Relations area of the WEX website, www.wexinc.com. The alive appointment alarm additionally can be accessed by dialing toll-free 1-866-334-7066 or all-embracing 1-973-935-8463. The Appointment ID cardinal is 6358948. A epitomize of the webcast and the accompanying slides will be accessible on the Company’s website.
Advanced Looking Statement Disclaimer
This columnist absolution contains advanced statements, including statements regarding: the proposed acquisition; the cyberbanking appulse of the acquisition; the advancing allowances and synergies of the acquisition; the timing of any abeyant completion; approaching opportunities for the accumulated operations and any added statements about WEX’s, Optal’s or eNett’s approaching expectations, beliefs, goals, plans, or prospects. Any statements that are not statements of absolute facts may be accounted to be advanced statements. When acclimated in this columnist release, the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “project” and agnate expressions are advised to analyze advanced statements, although not all advanced statements accommodate such words. These advanced statements are accountable to a cardinal of risks and uncertainties that could account absolute after-effects to alter materially, including: the furnishings of accepted bread-and-butter altitude on fueling patterns as able-bodied as acquittal and transaction processing activity; the appulse of adopted bill barter ante on the Company’s operations, acquirement and income; changes in absorption rates; the appulse of fluctuations in ammunition prices; the furnishings of the Company’s business amplification and accretion efforts; abeyant adverse changes to business or agent relationships, including those consistent from the achievement of an acquisition; aggressive responses to any acquisitions; ambiguity of the accepted cyberbanking achievement of the accumulated operations afterward achievement of an acquisition; the abortion to auspiciously accommodate the Company’s acquisitions; the adeptness to apprehend advancing synergies and amount savings; abrupt costs, accuse or costs consistent from an acquisition; the Company’s adeptness to auspiciously acquire, integrate, accomplish and aggrandize bartering ammunition agenda programs; the abortion of accumulated investments to aftereffect in advancing cardinal value; the appulse and admeasurement of acclaim losses; the appulse of changes to the Company’s acclaim standards; breaches of the Company’s technology systems or those of the Company’s third-party account providers and any consistent abrogating appulse on the Company’s reputation, liabilities or relationships with barter or merchants; the Company’s abortion to advance or renew key bartering agreements; abortion to aggrandize the Company’s abstruse capabilities and account offerings as rapidly as the Company’s competitors; abortion to auspiciously apparatus the Company’s advice technology strategies and capabilities in affiliation with its technology outsourcing and insourcing arrange and any consistent amount associated with that failure; the accomplishments of authoritative bodies, including cyberbanking and balance regulators, or accessible changes in cyberbanking or cyberbanking regulations impacting the Company’s automated bank, the Aggregation as the accumulated ancestor or added subsidiaries or affiliates; the appulse of the actual weaknesses aboriginal appear in Item 9A of the Company’s Annual Report for the year concluded December 31, 2018 filed on Form 10-K with the Balance and Barter Commission on March 18, 2019 and the furnishings of the Company’s analysis and remediation efforts in affiliation with assertive immaterial errors in the cyberbanking statements of our Brazilian subsidiary; the appulse of the Company’s outstanding addendum on its operations; the appulse of added advantage on the Company’s operations, after-effects or borrowing accommodation generally, and as a aftereffect of acquisitions specifically; the incurrence of crime accuse if our appraisal of the fair amount of assertive of our advertisement units changes; the uncertainties of litigation; as able-bodied as added risks and uncertainties articular in Item 1A of our Annual Report for the year concluded December 31, 2018, filed on Form 10-K with the Balance and Barter Commission on March 18, 2019. The Company’s advanced statements do not reflect the abeyant approaching appulse of any alliance, merger, acquisition, disposition or banal repurchases. The advanced statements allege alone as of the date of this columnist absolution and disproportionate assurance should not be placed on these statements. The Aggregation disclaims any obligation to amend any advanced statements as a aftereffect of new information, approaching contest or otherwise.
Powered by the acceptance that circuitous acquittal systems can be fabricated simple, WEX (NYSE: WEX) is a arch cyberbanking technology account provider beyond a advanced spectrum of sectors, including fleet, biking and healthcare. WEX operates in added than 10 countries and in added than 20 currencies through about 4,900 assembly about the world. WEX agile cards action about 14 actor cartage aberrant acquittal aegis and control; our biking and accumulated solutions business processes over $35 billion of acquirement aggregate annually; and the WEX Health cyberbanking technology belvedere helps 343,000 administration and added than 28 actor consumers bigger administer healthcare expenses. For added information, appointment www.wexinc.com.
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