A Portland-based payment processor plans to acquire two other payment companies in a deal worth about $1.7 billion.
WEX filed notices with federal regulators Friday of its intent to acquire eNett and Optal in a mostly cash deal, the Portland Press Herald reports. eNett is an Australia-based company that provides payment services in the travel industry, and Optal is a London-based company that optimizes business-to-business transactions.
The acquisition will benefit WEX’s position in the global travel marketplace, said Melissa Smith, chairwoman and CEO.
“This transaction strengthens our position outside of the U.S., adds a unique but complementary product suite, and brings a talented team with expertise in operating in international markets,” she said.
WEX is expected to end 2019 with $1.7 billion in revenue, according to its last quarterly filing with the Securities and Exchange Commission.
WEX’s board of directors have already approved the transactions; the company awaits regulatory approval.