February 24, 2020
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Payment processor WEX announces plans to acquire 2 companies

Courtesy of WEX
Courtesy of WEX
An artist's rendition of WEX's Thames Street headquarters in Portland.

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.

 


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