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