Wex Inc., a provider of fleet cards, agreed to buy eNett, a provider of B2B travel payment technology and Optal, a specialist in B2B transactions, for a total of $1.7 billion, including about $1.28 billion in cash and 2 million shares of WEX stock.
Wex is acquiring eNett from Travelport and its owners, which include affiliates of Siris Capital Group and Elliot Management Corp.’s private equity affiliate Evergreen Coast Capital CWeorp. Optal is being acquired from private investors.
“The combination of Wex’s travel business with eNett and Opal further strengthens our leadership in the global travel marketplace,” Melissa Smith, chair and CEO of Wex, said in a company release. “In particular, this transaction strengthens our position outside the U.S., adds a unique but complimentary product suite, and brings a talented team with expertise in operating in international markets.”
The transaction has been unanimously approved by the Wex board of directors, but it subject to regulatory approvals.