Corporate payments company Corpay, Inc. (NYSE:CPAY) today announced along with TPG, that they have completed the take-private transaction for AvidXchange Holdings, Inc., announced in May 2025.
Corpay invested approximately $550 million for a 34% equity stake in the company.
“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. “We’re thrilled to partner with TPG on this transaction. The combined team is squarely focused on accelerating revenue and profit growth to a place where we would exercise our option to purchase the remaining equity of AvidXchange,” continued Mr. Clarke.
“We’re excited to get underway to fully realize the potential within AvidXchange,” said John Flynn and Tim Millikin, Partners at TPG. “Partnering with Corpay brings additional perspective and insight to the transaction, which we expect will accelerate Avid’s performance.”
