WEX acquires eNett and Optal
WEX, the US-based payment processing company, has signed a definitive agreement to acquire eNett which is a B2B payment solution business in the travel industry and Optal which specializes in B2B transaction optimization. The deal has been signed at $1.7 billion of which $1.275 billion in cash transaction and two million shares of WEX common stock to the sellers. The common stock of WEX is valued at $425 million.
eNett will be acquired from Travelport and its owners while Optal from private shareholders. The two companies will be fully integrated under WEX’s ownership.
“The combination of WEX’s travel business with eNett and Optal further strengthens our leadership in the global travel marketplace. We are confident this transaction will enable us to accelerate our growth by deepening and expanding our position in the global travel market, broadening our product offerings to more fully address the needs of our Travel customers, and diversifying our business geographically while reducing our exposure to macro-economic factors,” said WEX’s Chair and CEO Melissa Smith.
“As a combined company, we will be uniquely positioned to address the most complicated payment challenges of travel companies across the globe. We are excited about the future and look forward to the opportunity to reach a broader set of customers,” said Managing Director and CEO of Optal Robert Bishop.