Corpay, a provider of corporate payment solutions, announced a definitive agreement to make a minority investment in AvidXchange Holdings as part of a deal to take the company private in partnership with TPG. The cash transaction values AvidXchange at $2.2 billion, with Corpay committing approximately $500 million in exchange for a 33% ownership stake. The acquisition, priced at $10.00 per share, is expected to close in the fourth quarter of 2025, pending shareholder and regulatory approvals. TPG and Corpay aim to support AvidXchange in advancing its operations outside the public market.
AvidXchange provides accounts payable automation services to lower middle market firms across real estate, homeowners associations, financial institutions, and media sectors. Corpay's leadership views the investment as strategically aligned with its existing services in commercial card issuance and payment automation. The transaction offers Corpay the option to acquire full ownership of AvidXchange by 2028. Ron Clarke, Chairman and CEO of Corpay, stated, “We’re delighted to partner with AvidXchange leadership and TPG on this transaction. We couldn’t pass up the opportunity to participate in this transaction and invest in a large, complementary corporate payments business.” Goldman Sachs served as Corpay’s Financial Advisor, while Eversheds Sutherland acted as Legal Counsel for the deal. Corpay anticipates that the investment will begin contributing to its earnings in 2026.
