TPG and Corpay to acquire AvidXchange for USD 2.2 billion

The definitive agreement values the accounts payable automation provider at approximately USD 2.2 billion. The transaction, once finalised, will result in AvidXchange becoming a privately held company. 

TPG, acting through its private equity platform TPG Capital, will assume a majority stake, while Corpay will take a minority position. The agreement outlines an all-cash deal priced at USD 10.00 per share, reflecting a 22% premium over AvidXchange’s closing share price of USD 8.20 on 6 May 2025. The premium stands at 16% over the 90-day volume-weighted average and 45% above the share price on 12 March, the last trading day before media speculation surfaced regarding a potential sale.

Deal structure and strategic intent 

The acquisition is expected to provide AvidXchange with increased strategic and operational flexibility by removing the demands of public market oversight. Representatives from AvidXchange stated that the deal positions the company to continue developing its platform and expanding its offering to mid-market clients looking for automation in their financial workflows. 

Officials from TPG highlighted the growing demand among businesses to streamline accounts payable operations using automated, secure systems. They described AvidXchange’s infrastructure as well-suited to serve this demand, especially through its networked platform that integrates into business workflows and facilitates supplier payments. 

Corpay representatives characterised the acquisition as a complementary fit with their existing corporate payments operations, noting the overlap in client segments. They expressed confidence in the potential for joint growth under the new ownership structure. 

As part of the transaction, certain senior members of AvidXchange’s leadership have agreed to convert a substantial portion of their equity holdings. The company’s independent board members unanimously approved the agreement. Pending standard closing conditions, including regulatory and shareholder approval, the acquisition is expected to be completed in the fourth quarter of 2025. It’s worth noting that there are no financing contingencies attached to the deal.