CHARLOTTE — Charlotte-based AvidXchange Holdings Inc., a financial technology firm specializing in payment processing for midsize businesses, has announced it will be acquired.
The fintech giant said Tuesday it has agreed to be bought by private equity firm TPG Inc. and payments company Corpay Inc. in a deal valued at $2.2 billion. The all-cash transaction offers shareholders $10.00 per share, representing a 22% increase over AvidXchange’s closing price of $8.20 on May 6 and a 45% increase from its price on March 12 — just before reports of a potential sale emerged.
The company’s initial public offering price was $25 per share in 2021, significantly lower than the buyout price.
Read more on CBJ’s website here.
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