Corpay and TPG complete AvidXchange acquisition

Corpay Inc. (NYSE: CPAY) and TPG completed their acquisition of AvidXchange Holdings Inc., the companies announced. The take-private transaction was initially announced on May 6, 2025.

Corpay invested approximately $550 million for a 34% equity stake in AvidXchange, which generates $450 million in revenue from accounts payable automation and payments solutions. The corporate payments company holds an option to purchase the remaining equity in AvidXchange.

"We expect the transaction to be slightly accretive to the fourth quarter of 2025, and accretive to Corpay earnings in 2026," said Ron Clarke, Chairman and CEO of Corpay. Clarke added that the combined team focuses on accelerating revenue and profit growth to reach a point where Corpay would exercise its option to purchase the remaining equity.

TPG Partners John Flynn and Tim Millikin said they expect the partnership with Corpay to bring additional perspective and insight to accelerate AvidXchange's performance.

The transaction structure allows Corpay to gradually increase its ownership in the accounts payable automation provider, though the company has not disclosed specific terms or timeline for exercising its purchase option for the remaining 66% stake.

Corpay provides commercial payment solutions including business cards, fleet cards, virtual cards and accounts payable modernization services to businesses globally. The company is part of the S&P 500 index.

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