eNett International Signs Definitive Agreement to be Acquired by WEX

January 24, 2020

Singapore, January 24, 2020: eNett International, a leading provider of integrated B2B payment solutions for the travel industry, has entered into a definitive agreement to be acquired by WEX Inc. (NYSE: WEX), a leading financial technology service provider.  The transaction also includes the acquisition of Optal, a shareholder of eNett and the primary issuer of eNett payments.

Travelport has held a majority ownership stake in eNett as part of a joint venture with Optal since 2009. In May 2019, Travelport was acquired by affiliates of Siris Capital Group, LLC (“Siris”) and Elliott Management Corporation’s private equity affiliate, Evergreen Coast Capital Corp. (“Evergreen”).

“eNett is thrilled to be entering into this new chapter of offering innovative payments solutions for travel companies globally as part of WEX,” said Anthony Hynes, Managing Director and CEO of eNett. “Customers will benefit from our shared commitment to the delivery of exceptional levels of service, a more comprehensive product suite, and expanded global reach.”

“We couldn’t be more excited to welcome eNett and Optal to WEX,” said Melissa Smith, WEX CEO and Chair.  “We have a deep respect for these companies.  The combination of our unique and complementary product suite, talented employees, and international expertise creates a powerhouse in the global travel industry.”

“Siris and our partners at Evergreen recognize the strong commitment by Anthony and the eNett management team to execute on their strategic vision to establish eNett as a leader in B2B payment solutions for the global travel industry,” said Frank Baker, a Co-Founder and Managing Partner of Siris. “We are confident that this transaction will help eNett and Optal accelerate growth and create long-term value for all stakeholders, including customers, partners, and employees.”

Pursuant to the terms of the agreement, WEX will acquire eNett and Optal for a total consideration of approximately US $1.7 billion, comprising approximately US $1.275 billion in cash and approximately two million shares of WEX common stock.  The WEX common stock issued in connection with the transaction is valued at approximately US $425 million, based on WEX’s volume-weighted average price over the past 30 trading days prior to signing.

The transaction is subject to regulatory approval and other customary closing conditions and is expected to be completed mid-year 2020.  

Credit Suisse Securities (USA) LLC and LionTree Advisors are serving as financial advisors, and Wachtell, Lipton, Rosen & Katz is serving as legal counsel, to eNett.   

For more information, refer to WEX’s media release here.

 

 

ENDS

About eNett International

We’re B2B payments game changers. Our products are innovative. Our service is fast. Our customers’ transactions are safe. And we’re easy to deal with.

We listen to our customers and fix things that should work better. Our payment solutions provide a better experience and help them grow.

eNett’s Virtual Account Numbers (VANs) allow travel agencies to generate a unique 16-digit Mastercard number used to pay travel suppliers quickly, efficiently and with less risk.  A unique number is used for each booking or payment transaction, so VANs are a secure way to pay and be paid. And they’re welcome anywhere Mastercard is accepted online.

We’re majority owned by Travelport, and our VANs are seamlessly integrated into its Travel Commerce Platform.

Further enhanced by our global banking services partner and shareholder Optal, eNett’s fast, easy and safe payments solutions are solving the payments challenges of leading travel agencies around the globe.

https://www.enett.com/

 

 

eNett International's press contact:

enett@brands2life.com

 

 

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