CHARLOTTE — Charlotte-based AvidXchange Holdings Inc., a financial technology firm specializing in payment processing for midsize businesses, has announced it will be acquired.
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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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