AvidXchange rises on $2.2 billion buyout deal with TPG, Corpay

AvidXchange Holdings

07/05/2025 13:34

** Payments firm AvidXchange's AVDX.O shares gain 18.7% to $9.73 before the bell

** AVDX late Tuesday announced it had agreed to be taken private by buyout giant TPG TPG.O in partnership with payments firm Corpay CPAY.N

** TPG and CPAY will pay $10 per share in cash transaction valuing AVDX at $2.2 billion

** Purchase price represents 45% premium to AVDX's closing price on March 12, the last trading day before media reports of a potential transaction

** Transaction expected to close in Q4 2025, wherein CPAY will invest about $500 million for a 33% equity stake in AVDX

** CPAY has option to buy rest of AVDX in 2028

** As of last close, AVDX stock down 21% YTD

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))