Corporate Payment Company Compay, Inc. (NYSE: CPAY) has signed a definitive agreement to make a minority investment in Avidxchange Holdings, Inc (Nasdaq: AVDX) as part of a transaction to get AvidxChange Private along with TPG for $ 10.00 per share in a cash transaction worth Avidxchange at $ 2.
According to the agreement, Corpay will invest about $ 500 million in a share capital share of 33% in the company. The transaction is expected to close in the fourth quarter of 2025, without prejudice to the approval of shareholders and regulations and standard closing conditions.
AvidxChange is a leading Automation Solutions (AP) provider for the lower mid -market companies, which focus on several verticals, including real estate, HOA, financial institutions and media.
“We are pleased to work with Avidxchange Leadership and TPG in this transaction. We could not spend the opportunity to participate in this transaction and invest in a large, complementary corporate payment business,” said Ron Clarke, President and CEO of Corpay.
“We are incredibly impressed with AvidxChange’s assets and capabilities.” Avidxchange has over 8,500 highly satisfied customers in additional vertical, high conservation prices, and a large network of payment network with a combination based on the virtual card and Ach+capital.
“We expect that the transaction will be possible with companies’ profits in 2026 and the transaction structure that receives a private transaction gives the company the flexibility to transform and accelerate profits increase. We have the option of buying the rest of the company in 2028.”
“Corpay has a long driving history through innovative products and high quality customer service,” said John Flynn and Tim Millikin, TPG partners. “They bring a significant combination of capital and insight into the transaction. We are pleased to invest along with the corporate group.”
Goldman Sachs & Co. LLC acted as the sole financial adviser to Corpay and Eversheds Sutherland acted as a legal adviser to Corpay.