WEX to buy travel, B2B payment providers eNett and Optal for $1.7 billion
Payments technology conglomerate WEX has agreed to buy two companies — B2B travel payment operator eNett and B2B payment specialist Optal — for $1.7 billion.
The two companies will expand WEX’s global reach in providing payment solutions for the corporate travel market, and will be integrated into WEX’s existing suite of tools, Portland, Maine-based WEX said in a Friday press release.
Optal, based in Australia, supports global B2B payments with an emphasis on virtual cards and eNett is a Singapore-based unit of Travelport that specializes in virtual card payments for the travel industry.
“The combination of WEX’s travel business with eNett and Optal further strengthens our leadership in the global travel marketplace and strengthens our position outside of the U.S.,” said Melissa Smith, WEX’s chair and CEO, in the release.
WEX will acquire the two companies for about $1.3 billion in cash, with 2 million shares of common stock providing the additional value in a transaction expected to close in mid-2020, the press release said.