SOUTH PORTLAND, Maine–(BUSINESS WIRE)–WEX Inc. (NYSE:WEX), a arch provider of accumulated acquittal solutions, today appear it has entered into a absolute acceding to access Electronic Funds Source LLC (“EFS”) for a absolute application of about $1.1 billion in banknote and 4.0 actor shares of accepted banal to be issued to advance funds affiliated with Warburg Pincus, EFS’ accepted owner. The accretion is accepted to be anon accretive to adapted net income.
“We are absolute aflame about the anticipation of accumulation these two abundant companies, which accept a able chump orientation, accumbent action and a commutual footprint,” said Melissa Smith, WEX’s admiral and arch controlling officer. “We accept this accretion strengthens our amount hypothesis to barter with a portfolio of best-in-class offerings that will bigger accommodated their evolving needs. Additionally, we accept the befalling to draw on the strengths of both companies to drive added calibration beyond the organization, enhance our absolute over-the-road business, bigger serve the needs of alloyed fleets and advance the functionality and annual we accommodate to our customers. We attending advanced to affable EFS to WEX and are assured that this aggregate will bear abiding amount for our shareholders.”
EFS’ able clue almanac and ample chump accepting in mid- and large-sized over-the-road (“OTR”) agile segments is an ideal accompaniment to WEX. The accumulated aggregation would serve the needs of all sizes and types of fleets by cartoon on strengths from both companies’ offerings to accommodate a added efficient, added absolute and better-integrated band-aid to all customers.
EFS’ adult OTR belvedere adds important functionality in controls, permitting, ammunition amount analytics, adaptable annual aliment and able accepting in Canada. Furthermore, WEX and EFS accept focused on altered genitalia of the accumulated payments spectrum, which will acquiesce barter to account from the accumulated company’s added assorted set of capabilities. For WEX customers, this includes the accession of a array of accumulated agenda options, including a single, multi-purpose card. Moving forward, the aggregate would bear connected addition and area adeptness to ahead industry trends and acclimate the accumulated alms accordingly.
Additionally, the aggregate will added alter WEX’s balance and advice to abate its acknowledgment to ammunition amount sensitivity. WEX estimates that about 16% of EFS’ acquirement is apparent to ammunition prices.
Scott Phillips, admiral and arch controlling administrator of EFS, stated, “We are absolute admiring to be aing armament with a abundant alignment like WEX, which shares our focus on connected artefact innovation, above annual and advancement abiding chump relationships. I attending advanced to aing the WEX organization, as this aggregate represents a abundant bout and a win-win for the advisers and barter of both companies.”
Upon closing the transaction, the accretion is accepted to be anon accretive to adapted net income. The Aggregation expects to apprehend run-rate synergies of about $25 actor over a three year period, excluding ancient affiliation costs, and to apprehend about $275 actor in present amount of tax benefits.
The transaction, which has been absolutely accustomed by the WEX lath of directors, is accountable to authoritative approvals and added accepted closing conditions.
Upon closing, advance funds affiliated with Warburg Pincus will become WEX’s better shareholder. Warburg Pincus’ managing administrator and affiliate of the controlling administration group, Jim Neary, will accompany WEX’s lath of directors.
Mr. Neary commented, “We are aflame about the approaching of the accumulated company. We are attractive advanced to actuality a actor of WEX and partnering with Melissa, Scott and the WEX team.”
BofA Merrill Lynch is acting as banking adviser and Wilmer Cutler Pickering Hale and Dorr LLP and Weil, Gotschal & Manges are acting as acknowledged admiral to WEX. Cleary Gottlieb Steen & Hamilton LLP is acting as acknowledged adviser to EFS.
Appointment Alarm Details
In affiliation with this announcement, WEX will host a appointment alarm today, October 19, at 8:30 a.m. (ET). The appointment alarm will be webcast alive on the Internet and can be accessed via the Investor Relations area of the WEX website, http://www.wexinc.com. The alive appointment alarm additionally can be accessed by dialing (866) 334-7066 or (973) 935-8463. The appointment ID cardinal is 64102186. A epitomize of the webcast will be accessible on the Company’s website.
About WEX Inc.
WEX Inc. (NYSE: WEX) is a arch provider of accumulated acquittal solutions. From its roots in agile agenda payments alpha in 1983, WEX has broadcast the ambit of its business into a multi-channel provider of accumulated acquittal solutions apery 9 actor cartage and alms aberrant acquittal aegis and ascendancy beyond a advanced spectrum of business sectors. WEX serves a all-around set of barter and ally through its operations about the world, with offices in the United States, Australia, New Zealand, Brazil, the United Kingdom, Italy, France, Germany, Norway, and Singapore. WEX and its subsidiaries apply added than 2,000 associates. The Aggregation has been about traded back 2005, and is listed on the New York Banal Exchange beneath the ticker attribute “WEX.” For added information, appointment www.wexinc.com and chase WEX on Twitter at @WEXIncNews.
EFS provides customized accumulated acquittal solutions for agile and accumulated barter with a focus on the ample and mid-sized agile segments. EFS has accustomed a proprietary arrangement of over 14,000 accepting locations in the U.S. and Canada for the over the alley (OTR) agile industry and casework a assorted abject of added than 17,000 customers. EFS has a able-bodied artefact set, alms customized acquirement controls and validations, added abstracts and analytics, different adjustment capabilities, real-time connectivity and advanced technology.
This account absolution contains advanced statements, including statements regarding: the proposed acquisition, the accepted calendar for commutual the acquisition, approaching banking and operating results, allowances and synergies of the acquisition, approaching opportunities for the accumulated operations and any added statements about the Aggregation or Electronic Funds Source LLC managements’ approaching expectations, beliefs, goals, affairs or prospects. Any statements that are not statements of absolute facts may be accounted to be advanced statements. When acclimated in this report, the words “may,” “could,” “anticipate,” “plan,” “continue,” “project,” “intend,” “estimate,” “believe,” “expect” and agnate expressions are advised to analyze advanced statements, although not all advanced statements accommodate such words. These advanced statements are accountable to a cardinal of risks and uncertainties that could account absolute after-effects to alter materially, including: the adeptness to able the acquisition; the accident that authoritative approvals appropriate for the accretion are not acquired or are acquired accountable to altitude that are not anticipated; the accident that the costs appropriate to armamentarium the accretion is not obtained; the accident that the added altitude to the closing of the accretion are not satisfied; abeyant adverse reactions or changes to business or agent relationships, including those consistent from the advertisement or achievement of the acquisition; uncertainties as to the timing of the acquisition; aggressive responses to the proposed acquisition; ambiguity of the accepted banking achievement of the accumulated operations afterward achievement of the proposed acquisition; the adeptness to auspiciously accommodate the Company’s and the Electronic Funds Source LLC’s operations and employees; the adeptness to apprehend advancing synergies and amount savings; abrupt costs, accuse or costs consistent from the acquisition; as able-bodied as added risks and uncertainties articular in Item 1A of our Annual Address for the year concluded December 31, 2014, filed on Form 10-K with the Securities and Exchange Commission on February 26, 2015. The Company’s advanced statements do not reflect the abeyant approaching appulse of any alliance, merger, acquisition, disposition or banal repurchases, added than the acquisition. The advanced statements allege alone as of the date of this address and disproportionate assurance should not be placed on these statements. The Aggregation disclaims any obligation to amend any advanced statements as a aftereffect of new information, approaching contest or otherwise.
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