WEX completes its acquisition of eNett and Optal
Back in January 2020, WEX had declared it would be signing 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. Now it has announced that it has completed the deal and the company has paid a total consideration of approximately $577.5 million, funded from cash on hand.
In the press release, WEX has mentioned that the impact of the acquisition on the adjusted net income will be immaterial through the calendar year 2021.
Anthony Hynes, former Managing Director and CEO of eNett International, will be President of the Travel division. Jay Dearborn, President of Corporate Payments, will remain responsible for WEX’s B2B payments products targeted at financial institutions, technology companies and corporate customers. Both Jay and Anthony will report directly to CEO Melissa Smith, the press release noted.
Also, “WEX and the former shareholders of eNett and Optal have agreed to a full and final settlement of the litigation pending in the English courts relating to the previously announced purchase agreement”.