By Paul Ziobro
Shares of AvidXchange soared Wednesday, a day after TPG and Corpay agreed to buy the company in a $2.2 billion deal.
The stock was recently up 18.5% to $9.72, approaching the $10 a share cash offer from the buyers. Shares are down about 19% over the last year.
Late Tuesday, AvidXchange agreed to sell itself, with TPG acquiring a majority stake, while Corpay taking a majority interest in the provider of accounts payable automation software and payment solutions.
The deal is expected to close sometime in the fourth quarter.
Write to Paul Ziobro at paul.ziobro@wsj.com
(END) Dow Jones Newswires
May 07, 2025 11:58 ET (15:58 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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