Optal Signs Definitive Agreement to be Acquired by Leading Financial Technology Service Provider WEX
London, January 24, 2020
Optal, a world leader in optimising B2B transactions, today announced that it has entered into a definitive agreement to be acquired by WEX Inc. (NYSE: WEX), a leading financial technology service provider.
The agreement also includes the acquisition of eNett International, a leading provider of B2B payment solutions to the travel industry. Currently, Optal is a shareholder of eNett, alongside Travelport, the majority shareholder.
The deal will help accelerate WEX’s global growth strategy by expanding its position in the fast-growing global travel segment. Optal brings a global issuing capability, an extensive suite of regulatory licenses and a robust technology and banking infrastructure to facilitate expansion into new regulated territories.
“Over the years, Optal has helped to transform and streamline B2B payments for many organisations — reducing risk and fraud, turning costs into revenue and unleashing working capital,” said Optal Managing Director and CEO Rob Bishop. “This deal will help to extend that value to WEX, its customers and the broader travel industry. It’s also great news for Optal, our customers and our people.”
“We couldn’t be more excited to welcome Optal and eNett to WEX,” said Melissa Smith, WEX CEO and Chair. “We have a deep respect for these companies. The combination of our unique and complementary product suite, talented employees, and international expertise creates a powerhouse in the global travel industry.”
Pursuant to the terms of the agreement, WEX will acquire Optal and eNett for a total consideration of approximately US $1.7 billion, comprising approximately US $1.275 billion in cash and approximately two million shares of WEX common stock. The WEX common stock issued in connection with the transaction is valued at approximately US $425 million, based on WEX’s volume-weighted average price over the past 30 trading days prior to signing.
The transaction is subject to regulatory approval and other customary closing conditions and is expected to be completed mid-year 2020.
Herbert Smith Freehills is acting as legal advisors and Financial Technology Partners acted as advisors to Optal. For more information, refer to WEX’s media.