By Stephen Nakrosis

AvidXchange Holdings agreed to be acquired by TPG, in partnership with Corpay, in a $2.2 billion deal.

Under the terms of the deal, AvidXchange stockholders will receive $10 per share in cash, a 22% premium to its closing price of $8.20 on Tuesday.

TPG will acquire a majority interest in AvidXchange through TPG Capital, its U.S. and European private equity platform, and Corpay will acquire a minority interest, the companies said.

AvidXchange provides accounts payable automation software and payment solutions.

The independent board members of AvidXchange unanimously approved the deal, and several members of AvidXchange's senior management team agreed to roll over a significant part of their equity to support the transaction, the company said.

Upon completion of the deal, which is expected in the fourth quarter, AvidXchange will become a private company.

After the bell, shares of AvidXchange were trading 19% higher, at $9.75.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

May 06, 2025 17:35 ET (21:35 GMT)

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