wex enett merger agreement

Any statements that are not statements of historical facts may be deemed to be forward-looking statements. Herbert Smith Freehills is acting as legal advisors and Financial Technology Partners acted as advisors to Optal. WEX (NYSE: WEX), a leading financial technology service provider, today announced that it has entered into a definitive agreement to purchase eNett, a leading provider of B2B payments solutions to the travel industry and Optal, a company that specializes in optimizing B2B transactions, for a total consideration of approximately $1.7 billion, including approximately … View source version on businesswire.com: https://www.businesswire.com/news/home/20200124005167/en/, News media: WEX fleet cards offer 15 million vehicles exceptional payment security and control; purchase volume in its travel and corporate solutions grew to approximately $40 billion in 2019; and the WEX Health financial technology platform helps 390,000 employers and more than 32 million consumers better manage healthcare expenses. Business Fuel Cards, Large Melissa Smith, WEX’s Chair … WEX paid total consideration of … These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially, including: the effects of general economic conditions on fueling patterns as well as payment and transaction processing activity; the impact of foreign currency exchange rates on the Company’s operations, revenue and income; changes in interest rates; the impact of fluctuations in fuel prices; the effects of the Company’s business expansion and acquisition efforts; potential adverse changes to business or employee relationships, including those resulting from the completion of an acquisition; competitive responses to any acquisitions; uncertainty of the expected financial performance of the combined operations following completion of an acquisition; the failure to successfully integrate the Company's acquisitions; the ability to realize anticipated synergies and cost savings; unexpected costs, charges or expenses resulting from an acquisition; the Company's ability to successfully acquire, integrate, operate and expand commercial fuel card programs; the failure of corporate investments to result in anticipated strategic value; the impact and size of credit losses; the impact of changes to the Company's credit standards; breaches of the Company’s technology systems or those of the Company's third-party service providers and any resulting negative impact on the Company's reputation, liabilities or relationships with customers or merchants; the Company’s failure to maintain or renew key commercial agreements; failure to expand the Company’s technological capabilities and service offerings as rapidly as the Company’s competitors; failure to successfully implement the Company's information technology strategies and capabilities in connection with its technology outsourcing and insourcing arrangements and any resulting cost associated with that failure; the actions of regulatory bodies, including banking and securities regulators, or possible changes in banking or financial regulations impacting the Company’s industrial bank, the Company as the corporate parent or other subsidiaries or affiliates; the impact of the material weaknesses first disclosed in Item 9A of the Company's Annual Report for the year ended December 31, 2018 filed on Form 10-K with the Securities and Exchange Commission on March 18, 2019 and the effects of the Company's investigation and remediation efforts in connection with certain immaterial errors in the financial statements of our Brazilian subsidiary; the impact of the Company’s outstanding notes on its operations; the impact of increased leverage on the Company's operations, results or borrowing capacity generally, and as a result of acquisitions specifically; the incurrence of impairment charges if our assessment of the fair value of certain of our reporting units changes; the uncertainties of litigation; as well as other risks and uncertainties identified in Item 1A of our Annual Report for the year ended December 31, 2018, filed on Form 10-K with the Securities and Exchange Commission on March 18, 2019. Wex, a business-to-business payments company, said it had bought eNett and Optal from Travelport for $577.5 million in cash — far less than the $1.7 billion price Travelport expected in January. Accounts Payable, Fuel Cards for Truckers or Fleets, Financial Fleets, Government In conjunction with this announcement, WEX will host a conference call today, January 24th, at 8:30 a.m. (ET). WEX had announced the USD 1.7 billion purchase deal in January, agreeing to pay USD 1.275 billion in cash and the rest in common stock to Travelport and its owners, Siris Capital Group and Elliot Management Corporation for eNett and to private shareholders for Optal. The Company disclaims any obligation to update any forward-looking statements as a result of new information, future events or otherwise. The WEX common stock issued in connection with the transaction is valued at approximately $425 million, based on WEX’s volume-weighted average price over the past 30 trading days prior to signing. 207.523.6763, Investors: Though visibility remains limited due to COVID-19, WEX expects the impact of the acquisition on adjusted net income will be immaterial through calendar year 2021. WEX operates in more than 10 countries and in more than 20 currencies through approximately 4,900 associates around the world. WEX operates in more than 10 countries and in 20 currencies through approximately 5,000 associates around the world. [email protected], Senior Vice President, Business Fuel Cards, Large • WEX to acquire eNett and Optal for total consideration of approximately $1.7 billion • eNett and Optal are already highly integrated companies and will be fully integrated under WEX’s ownership • eNett is a leading provider of B2B payments solutions to the travel industry In this one, Maine-based Wex Inc. informed the UK's Travelport that it will not close on its $1.7 billion agreement to buy eNett and Optal, payment solutions providers, because the … Steve Elder, 207-523-7769 Institutions, Technology "The combination of WEX’s travel business with eNett and Optal further strengthens our leadership in the global travel marketplace,” said Melissa Smith, WEX’s Chair and CEO. Companies, Corporate The transaction, which has been unanimously approved by the WEX board of directors, is expected to be completed mid year in 2020, subject to regulatory approvals and other customary closing conditions. [email protected] “As a combined company, we will be uniquely positioned to address the most complicated payment challenges of travel companies across the globe. Jessica Roy, 207-523-6763 The conference call will be webcast live on the Internet and can be accessed along with the accompanying slides at the Investor Relations section of the WEX website, www.wexinc.com. When used in this press release, the words “may,” “could,” “anticipate,” “plan,” “continue,” “project,” “intend,” “estimate,” “believe,” “expect” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such words. WEX Inc. (NYSE:WEX), a leading financial technology service provider, today announced the completion of its previously announced agreement to acquire eNett, a leading provider of B2B payments solutions, and Optal, a company that specializes in optimizing B2B transactions. WEX Inc. (NYSE:WEX), a leading financial technology service provider, today announced the completion of its previously announced agreement to acquire eNett, a leading provider of B2B payments solutions, and Optal, a company that specializes in optimizing B2B transactions. For more information, visit www.wexinc.com. “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. When used in this press release, the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “project” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such words. Anthony Hynes, former Managing Director and CEO of eNett International, will be President of the Travel division, responsible for customers in the travel marketplace. Steve Elder WEX paid total consideration of approximately $577.5 million, funded from cash … Chalk up another blown-up travel-related acquisition deal to the coronavirus pandemic. Fleets, Government In this one, Maine-based Wex Inc. informed the UK’s Travelport that it … Jay Dearborn will remain President of Corporate Payments, responsible for WEX’s B2B payments products targeted at financial institutions, technology companies and corporate customers. As part of its first-quarter earnings release today, WEX says it will not continue with plans to purchase eNett, Travelport ’s payments business, and virtual card issuer Optal. 207.523.7769, Senior Vice President, We look forward to working with the WEX team to successfully integrate our complementary assets, including our technology, products, and most importantly, our people.”. ... Udgivet i 15. april 2021 Forfatter alun Indlægsnavigation. Powered by the belief that complex payment systems can be made simple, WEX (NYSE:WEX) is a leading financial technology service provider across a wide spectrum of sectors, including fleet, travel and healthcare. Fleet Fuel Cards, Small The two companies, which are already highly integrated companies, will be fully integrated under WEX’s ownership. We are excited about the future and look forward to the opportunity to reach a broader set of customers,” said Robert Bishop, Managing Director and CEO of Optal. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially, including: potential adverse reactions or changes to business or employee relationships, including those resulting from the completion of the Acquisition and the associated litigation; competitive responses to the Acquisition; uncertainty of the expected financial performance of the combined operations following completion of the Acquisition; the ability to successfully integrate WEX’s and eNett and Optal’s operations and employees; the ability to realize anticipated synergies and cost savings; unexpected costs, charges or expenses resulting from the Acquisition and associated litigation; as well as other risks and uncertainties identified in Item 1A of WEX’s Annual Report for the year ended December 31, 2019, filed on Form 10-K with the Securities and Exchange Commission on February 28, 2020 and Item 1A of WEX’s Quarterly Reports for the quarters ended June 30, 2020 and September 30, 2020 filed on Form 10-Q with the Securities and Exchange Commission on August 5, 2020 and October 29, 2020, respectively. We believe this acquisition will allow the Company to better capture the economics from these HSA assets. PORTLAND, Maine--(BUSINESS WIRE)--Jan. 24, 2020-- WEX (NYSE: WEX), a leading financial technology service provider, today announced that it has entered into a definitive agreement to purchase eNett, a leading provider of B2B payments solutions to the travel industry and Optal, a company that specializes in optimizing B2B transactions, for a total consideration of approximately $1.7 billion, including approximately $1.275 billion in cash and approximately 2 million shares of WEX … Institutions, Technology Pursuant to the terms of the agreement, WEX will acquire eNett and Optal for total consideration of approximately $1.275 billion in cash and approximately 2 million shares of common stock paid to the sellers. WEX Completes Acquisition of eNett and Optal 12/15/2020 Parties Also Agree to Settle Outstanding Litigation in English Courts PORTLAND, Maine--(BUSINESS WIRE)-- WEX Inc. (NYSE:WEX), a leading nancial technology service provider, today announced the completion of its previously announced agreement to acquire eNett, a leading provider of B2B WEX paid total consideration of approximately … This press release contains “forward-looking statements” intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995, including statements regarding: WEX’s acquisition of eNett and Optal (the “Acquisition”), future financial and operating results, and any other statements about WEX or eNett or Optal’s managements’ future expectations, beliefs, goals, plans or prospects. BofA Securities and Grant Samuel are acting as financial advisors and Clifford Chance and Wilmer Cutler Pickering Hale and Dorr LLP are acting as legal advisors to WEX. Melissa Smith, WEX’s Chair … ", Anthony Hynes, Managing Director and CEO of eNett commented, “We are pleased to be joining forces with WEX to offer leading travel companies globally an enhanced and unrivalled suite of innovative payments solutions. A replay of the webcast and the accompanying slides will be available on the Company's website. [email protected] Item 1.01 Entry into a Material Definitive Agreement. Any statements that are not statements of historical facts may be deemed to be forward-looking statements. https://www.businesswire.com/news/home/20201215005440/en/, Media: The cash portion of the transaction is being funded through a combination of cash on hand and new debt. For more information, visit www.wexinc.com. WEX paid total consideration of approximately $577.5 million, funded from cash on hand. WEX The Conference ID number is 6358948. Global Investor Relations, WEX Signs Definitive Agreement to Acquire eNett and Optal, Compare 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. Global Investor Relations, WEX Completes Acquisition of eNett and Optal, Compare Powered by the belief that complex payment systems can be made simple, WEX (NYSE: WEX) is a leading financial technology service provider across a wide spectrum of sectors, including fleet, travel and healthcare. The live conference call also can be accessed by dialing toll-free 1-866-334-7066 or international 1-973-935-8463. Fleet Fuel Cards, Small WEX Inc. (NYSE:WEX), a leading financial technology service provider, today announced the completion of its previously announced agreement to acquire eNett, a leading provider of B2B payments solutions, and Optal, a company that specializes in optimizing B2B transactions. WEX Inc. (NYSE:WEX), a leading financial technology service provider, announced today it has agreed to a $400 million dollar investment from an affiliate of Warburg Pincus LLC (together with its affiliate, “Warburg Pincus”) which includes convertible notes in an aggregate principal amount of $310 million and $90 million in common stock through a private placement … The forward-looking statements speak only as of the date of this press release and undue reliance should not be placed on these statements. WEX’s forward-looking statements do not reflect the potential future impact of any alliance, merger, acquisition, disposition or stock repurchases, other than the Acquisition. WEX fleet cards offer approximately 14 million vehicles exceptional payment security and control; our travel and corporate solutions business processes over $35 billion of purchase volume annually; and the WEX Health financial technology platform helps 343,000 employers and more than 28 million consumers better manage healthcare expenses. & Factoring, https://www.businesswire.com/news/home/20201215005440/en/, New WEX Story Unleashes Power for our Customers. Parties Also Agree to Settle Outstanding Litigation in English Courts. In conjunction with this acquisition, WEX is expanding the leadership team within the B2B payments-focused Travel and Corporate Solutions segment. PORTLAND, Maine--(BUSINESS WIRE)--Jan. 24, 2020-- WEX disclaims any obligation to update any forward-looking statements as a result of new information, future events or otherwise. Additionally, contemporaneously with the completion of the acquisition, WEX and the former shareholders of eNett and Optal have agreed to a full and final settlement of the litigation pending in the English courts relating to the previously announced purchase agreement. PORTLAND, Maine--(BUSINESS WIRE)-- PORTLAND, Maine--(BUSINESS WIRE)-- WEX Inc. (NYSE:WEX), a leading financial technology service provider, today announced the completion of its previously announced agreement to acquire eNett, a leading provider of B2B payments solutions, and Optal, a company that specializes in optimizing B2B transactions. PORTLAND, Maine – December 15, 2020 — WEX Inc. (NYSE:WEX), a leading financial technology service provider, today announced the completion of its previously announced agreement to acquire eNett, a leading provider of B2B payments solutions, and Optal, a company that specializes in optimizing B2B transactions. View source version on businesswire.com: WEX Inc. (NYSE:WEX), a leading financial technology service provider, today announced the signing of an agreement to acquire certain health savings account (“HSA”) assets of HealthcareBank, the custodian bank for customers of WEX’s Health division. Fleets, Financial WEX Inc. (NYSE:WEX), a leading financial technology service provider, is pleased with the outcome of the Preliminary Issues Hearing relating to the May 11, 2020 lawsuit filed by eNett and Optal denying that there has been a Material Adverse Effect on their businesses, in the High Court of Justice of England and Wales in the United Kingdom. WEX paid total consideration of approximately $577.5 million, funded from cash … WEX Inc. (NYSE:WEX), a leading financial technology service provider, is pleased with the outcome of the Preliminary Issues Hearing relating to the May 11, 2020 lawsuit filed by eNett and Optal denying that there has been a Material Adverse Effect on their businesses, in the High Court of Justice of England and Wales in the United Kingdom. Both Jay and Anthony will report directly to CEO Melissa Smith. [email protected] & Factoring, https://www.businesswire.com/news/home/20200124005167/en/, New WEX Story Unleashes Power for our Customers, Aligns with WEX’s global growth strategy by extending the Company’s leadership position in the attractive Travel market, Accelerates WEX’s revenue growth and is accretive to adjusted net income EPS in the first 12 months, Provides significant global geographic diversification while reducing WEX’s exposure to macro-economic fluctuations, Complements WEX’s technology and product portfolio, extending our suite of global travel offerings. Accounts Payable, Fuel Cards for Truckers WEX (NYSE: WEX), a leading financial technology service provider, today announced that it has entered into a definitive agreement to purchase eNett, a leading provider of B2B payments solutions to the travel industry and Optal, a company that specializes in optimizing B2B transactions, for a total consideration of approximately $1.7 billion, including approximately $1.275 billion in cash and approximately 2 million shares of WEX common stock paid to the sellers. PORTLAND, Maine – December 15, 2020-- WEX Inc. (NYSE:WEX), a leading financial technology service provider, today announced the completion of its previously announced agreement to acquire eNett, a leading provider of B2B payments solutions, and Optal, a company that specializes in optimizing B2B transactions. WEX is acquiring eNett from Travelport and its owners, affiliates of Siris Capital Group, LLC and Elliot Management Corporation's private equity affiliate, Evergreen Coast Capital Corp. WEX is acquiring Optal from private shareholders. WEX (NYSE: WEX), a leading financial technology service provider, today announced that it has entered into a definitive agreement to purchase eNett, a leading provider of B2B payments solutions to the travel industry and Optal, a company that specializes in optimizing B2B transactions, for a total consideration of approximately $1.7 billion, including approximately $1.275 billion in cash and approximately 2 million shares of WEX … WEX Share Purchase Agreement On January 24, 2020, WEX Inc. (the "Company") entered into a Share Purchase Agreement (the "Purchase Agreement") with eNett International (Jersey) Limited, a Jersey limited company ("eNett"), Optal Limited, a private company limited by shares incorporated in England and Wales … Credit Suisse Securities (USA) LLC and LionTree Advisors are serving as financial advisors, and Wachtell, Lipton, Rosen & Katz is serving as legal counsel, to eNett. The Company's forward-looking statements do not reflect the potential future impact of any alliance, merger, acquisition, disposition or stock repurchases. The forward-looking statements speak only as of the date of this press release and undue reliance should not be placed on these statements. This press release contains forward-looking statements, including statements regarding: the proposed acquisition; the financial impact of the acquisition; the anticipated benefits and synergies of the acquisition; the timing of any potential completion; future opportunities for the combined operations and any other statements about WEX’s, Optal’s or eNett’s future expectations, beliefs, goals, plans, or prospects. WEX paid total consideration of approximately … Even if good faith agreements are legally unenforceable, the importance of compliance with the good faith agreement should never be minimized and the agreement should be treated with the same respect as an applicable agreement would be respected. Jessica Roy Companies, Corporate Investors: PORTLAND, Maine--(BUSINESS WIRE)--January 24, 2020--WEX (NYSE: WEX), a leading financial technology service provider, today announced that it has entered into a definitive agreement to purchase eNett, a leading provider of B2B payments solutions to the travel industry and Optal, a company that specializes in optimizing B2B transactions, for a total consideration of approximately $1.7 billion, including approximately $1.275 billion in cash and approximately 2 million shares of WEX …

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