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Technology

WEX to buy Travelport payments company

By Molly Dyson / 27 January 2020 / Contact Reporter
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Financial technology provider WEX has agreed to buy B2B payment eNett from Travelport and its owners, as well as B2B transaction business Optal, for a combined US$1.7 billion.

The deal includes a cash payment of US$1.275 billion and around 2 million shares in WEX common stock paid to the sellers.

The company is buying eNett from Travelport and its owners, affiliates of Siris Capital Group, LLC and Elliot Management Corporation’s private equity affiliate Evergreen Coast Capital Corp. Optal is being sold by private shareholders.

According to WEX, the acquisitions will boost its global growth strategy, with the combined business expected to grow revenue 10 to 15 per cent in the long term. It says diversifying its product portfolio will also help it capture a predicted increase in the online travel market and also gives it a bigger presence in the EMEA and APAC regions.

WEX chair and CEO Melissa Smith commented: “The combination of WEX’s travel business with eNett and Optal further strengthens our leadership in the global travel marketplace. In particular, this transaction strengthens our position outside of the US, adds a unique but complementary product suite and brings a talented team with expertise in operating in international markets. We are confident this transaction will enable us to accelerate our growth by deepening and expanding our position in the global travel market, broadening our product offerings to more fully address the needs of our travel customers and diversifying our business geographically while reducing our exposure to macro-economic factors.”

Anthony Hynes, MD and CEO of eNett, said: “We are pleased to be joining forces with WEX to offer leading travel companies globally an enhanced and unrivalled suite of innovative payments solutions. We look forward to working with the WEX team to successfully integrate our complementary assets, including our technology, products and, most importantly, our people.”

“As a combined company, we will be uniquely positioned to address the most complicated payment challenges of travel companies across the globe,” added Robert Bishop, MD and CEO of Optal. “We are excited about the future and look forward to the opportunity to reach a broader set of customers.”

The sale is subject to regulatory approvals and is expected to be completed by the middle of 2020. WEX is utilising financial advice from BofA Securities and Grant Samuel, with legal advice provided by Clifford Chance and Wilmer Cutler Pickering Hale and Dorr LLP.

Meanwhile, Credit Suisse Securities LLC and LionTree Advisors are acting as financial advisors, and Wachtell, Lipton, Rosen & Katz is providing legal counsel to eNett. Optal has contracted Herbert Smith Freehills as legal advisor and Financial Technology Partners as financial counsel.

wexinc.com

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