WEX Inc. Announces Definitive Agreement to Acquire Benaissance
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Wex, Inc. (WEX) to Acquire lectronic Funds Source in ~$1.5B Cash, Stock Deal
October 19, 2015 6:52 AM EDTWex, Inc. (NYSE: WEX) has entered into a definitive agreement to acquire Electronic Funds Source LLC (EFS) for a total consideration of approximately $1.1 billion in cash and 4.0 million shares of common stock to be issued to investment funds affiliated with Warburg Pincus, EFS current owner. The acquisition is expected to be immediately accretive to adjusted net income.
We are very excited about the prospect of combining these two great companies, which have a strong customer orientation, aligned strategy and a complementary footprint, said Melissa Smith, WEXs president and chief executive officer. We believe this acquisition... More
