Eversheds Sutherland Advises Corpay in Investment alongside TPG to Acquire AvidXchange for $2.2 Billion

The idea of making payments digitally, where individuals utilize a mobile device for online banking and shopping, through the use of technology and internet connectivity for financial transactions.The idea of making payments digitally, where individuals utilize a mobile device for online banking and shopping, through the use of technology and internet connectivity for financial transactions.

Eversheds Sutherland Advises Corpay in Investment Alongside TPG to Acquire AvidXchange for $2.2 Billion

May 07, 2025

United States
United States
United States
Eversheds Sutherland is pleased to have advised Corpay, Inc. (NYSE: CPAY), a leading corporate payments company, on its definitive agreement to make a minority investment in AvidXchange Holdings, Inc. (NASDAQ: AVDX) (“AvidXchange”) as part of a transaction to take AvidXchange private alongside TPG for $10.00 per share in a cash transaction that values AvidXchange at $2.2 billion.

Under the agreement, Corpay will invest approximately $500 million for a 33% equity stake in the company and has the option to buy the entire company in 2028. The transaction is expected to close in the fourth quarter of 2025, subject to AvidXchange shareholder and regulatory approval and standard closing conditions.

AvidXchange is a leading provider of accounts payable (AP) automation solutions to lower middle market companies with a focus on several verticals including real estate, HOA, financial institutions and media.

Read Corpay’s release.

Read AvidXchange’s release.

Eversheds Sutherland Corporate Partners David Phillips, Rob Ellis and Craig Alcorn led the deal, with support from Tax Partner Wes Sheumaker, Tax Counsel Frank Comparetto, Corporate Partner Hill Jeffries and Corporate Associate Adam Byrne.

The materials on the Eversheds Sutherland website are for general information purposes only and do not constitute legal advice. While reasonable care is taken to ensure accuracy, the materials may not reflect the most current legal developments. Eversheds Sutherland disclaims liability for actions taken based on the materials. Always consult a qualified lawyer for specific legal matters. To view the full disclaimer, see our Terms and Conditions or Disclaimer section in the footer.

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davidphillips@eversheds-sutherland.com

David S. Phillips

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robellis@eversheds-sutherland.com

Rob Ellis

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