Deals
Payments Firm AvidXchange Jumps on TPG, Corpay Takeover
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AvidXchange Holdings Inc.’s shares rose as much as 19% Wednesday after the payments company struck a go-private deal with TPG Inc. and Corpay Inc. worth $2.2 billion.
TPG and Corpay agreed to buy the Charlotte, North Carolina-based company for $10 a share and cash, with Corpay investing $500 million for a 33% stake, according to a statement. That was a 22% premium to where it’s shares closed on Tuesday, before the deal was announced.