- AvidXchange (AVDX, Financial) to be acquired by TPG and Corpay for $2.2 billion in cash.
- Shareholders will receive $10.00 per share, a 22% premium over closing price on May 6, 2025.
- Transaction expected to close in Q4 2025, subject to approvals.
AvidXchange Holdings, Inc. (NASDAQ: AVDX), a premier provider of accounts payable automation software, has confirmed a definitive agreement to be acquired by TPG (NASDAQ: TPG) and Corpay. The all-cash transaction values the deal at approximately $2.2 billion, translating to $10.00 per share for current shareholders. This price reflects a 22% premium over the company's closing stock price of $8.20 on May 6, 2025, and a 45% premium over the March 12, 2025, closing price.
Upon finalization of the acquisition, expected in the fourth quarter of 2025, AvidXchange will transition to a privately-held company. TPG will take on a majority share via TPG Capital, its private equity platform, while Corpay will maintain a minority stake. The move is designed to grant AvidXchange increased flexibility to invest in growth initiatives and enhance its integrated payment solutions.
The acquisition has received unanimous approval from AvidXchange's independent board members but is contingent on stockholder and regulatory approvals. Senior management's decision to roll over significant equity stakes underscores their confidence in the company's future under new ownership.
The partnership between TPG's technology-focused private equity expertise and Corpay's corporate payments capabilities is poised to support and accelerate AvidXchange's platform growth. The transaction, devoid of financing conditions, mirrors a strategic acquisition structure that aligns with TPG and Corpay's long-term engagement in the AP automation sector.
