IT service management company WEX has entered into a deal to purchase payment solutions platform, eNett.
WEX is acquiring eNett from Travelport and its owners, affiliates of Siris Capital Group, LLC and Elliot Management Corporation’s private equity affiliate, Evergreen Coast Capital Corp.
The US$1.7b transaction comprises of US$1.28b in cash and approximately 2m shares of WEX common stock, and also includes business-to-business transaction platform Optal.
WEX is officially acquiring eNett from Siris affiliate Travelport, with the transaction forming part of WEX’s global growth strategy by extending the company’s position in the travel industry.
“The combination of WEX’s travel business with eNett and Optal further strengthens our leadership in the global travel marketplace,” said WEX Chair and CEO Melissa Smith.
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Source: traveldaily