Corpay and TPG Team Up to Take AvidXchange Private in $2.2B Deal
Business payments automation firm AvidXchange is set to go private in a $2.2 billion buyout, with TPG taking a 67% majority stake and Corpay acquiring 33% in the transaction.
The deal values AvidXchange at $10 per share in cash — representing a 22% premium over its May 6 closing price and a 45% premium over its March 12 price, the day before reports of a potential sale surfaced.
Founded in 2000, AvidXchange provides an end-to-end platform that digitises invoicing and payments for over 8,000 companies, eliminating paper cheques and enabling a range of e-payment options.
AvidXchange went public in 2021, but with declining share prices, the company began exploring a sale earlier this year. CEO Michael Praeger commented:
“We are pleased to have reached an agreement that delivers significant value for AvidXchange stockholders and positions our business for long-term growth and success for our valued customers.”
Corpay’s $500 million minority stake follows a recent $300 million investment from Mastercard, which acquired a 3% share in its cross-border payments business. Despite this momentum, Corpay faced a setback this week when its all-cash offer for Alpha Group International was rejected. Alpha’s board cited a unanimous decision after financial review.
The acquisition is expected to strengthen both TPG and Corpay’s foothold in the digital B2B payments sector, while giving AvidXchange room to scale privately.
