WEX enters agreement, acquires Evolution1 for USD 532.5 mln

Wednesday 18 June 2014 13:22 CET | News

WEX, a provider of corporate payment solutions, and Evolution1, a cloud-based technology and payment solutions provider, have entered an agreement for WEX to acquire Evolution1 for USD 532.5 million.

As per the agreement, WEX’s acquisition of Evolution1 will be funded through cash on hand and WEX’s existing credit facility. This transaction is expected to generate approximately USD 42 million in present value of tax benefits to WEX and is expected to be accretive to adjusted net income in the first 12 months after close, excluding acquisition costs.

WEX is a provider of corporate payment solutions. WEX has expanded the scope of its business into a multi-channel provider of corporate payment solutions representing more than 7.8 million cardholders and offering payment security and control across a wide spectrum of business sectors. The Company’s operations include WEX Bank, Fleet One, Pacific Pride, rapid! PayCard, WEX Australia, WEX New Zealand and WEX Europe, as well as a majority equity position in WEX Europe Services and UNIK S.A., Brazil.

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Keywords: WEX, Evolution1, USD 532.5 mln, online payments
Categories: Payments & Commerce
Countries: World
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Payments & Commerce

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