WEX Buys eNett And Optal
WEX buys eNett and Optal.
WEX buys eNett International and Optal for $1.7 billion.
eNett is a fintech company redefining virtual payments for the travel industry. Optal are world experts in optimizing B2B transactions. WEX is buying eNett from Travelport and its owners, partners of Siris Capital Group, and Elliot Management’s private equity partner, Evergreen Coast Capital. WEX is buying Optal from private shareholders. Optal is a shareholder of eNett, alongside Travelport, the majority shareholder. The two companies will be fully integrated under WEX’s ownership.
This deal speeds up WEX’s global growth strategy by opening out its position in the travel segment. Optal brings global issuing ability, a broad suite of regulatory licenses, and a robust tech and banking base to ease expansion into new territories. It further reduces WEX’s exposure to macro-economic ebb and flow through diversification. This matchless combination of paired assets and a suite of payment offerings includes a redundant and organically discrete tech platform to further support travelers the world over.
Melissa Smith of WEX said: ‘The combination of WEX’s travel business with eNett and Optal further strengthens our leadership in the global travel marketplace. In particular, this transaction strengthens our position outside of the US, adds a unique but complementary product suite, and brings a talented team with the ability to operate in international markets. We are confident this transaction will enable us to speed up our growth by deepening and expanding our position in the global travel market, broadening our product offerings to more fully address the needs of our Travel customers, and diversifying our business geographically while reducing our exposure to macro-economic factors. We couldn’t be more excited to welcome Optal and eNett to WEX. We have a deep respect for these companies.’
Anthony Hynes of eNett said: ‘We are happy to join forces with WEX to offer leading travel companies globally an enhanced and unrivaled suite of creative payment solutions. We look forward to working with the WEX team to integrate our complementary assets, including our technology, products, and most importantly, our people.’
Robert Bishop of Optal said: ‘Over the years, Optal has helped to transform and streamline B2B payments for organizations - reducing risk and fraud, turning costs into revenue, and unleashing working capital. This deal will help to extend that value to WEX, its customers and the broader travel industry. It’s also great news for Optal, our customers and our people. As a joint company, we will be uniquely positioned to address the most complicated payment challenges of travel companies across the globe. We are excited about the future and look forward to the opportunity to reach a broader set of customers.’
BofA Securities and Grant Samuel served as financial advisors to WEX. Clifford Chance and WilmerHale served as legal advisors.
Credit Suisse Securities and LionTree Advisors served as financial advisors to eNett. Wachtell, Lipton, Rosen & Katz served as legal advisor.
Financial Technology Partners served as financial advisor to Optal. Herbert Smith Freehills served as legal advisor.
WEX buys eNett International and Optal for $1.7 billion.
eNett is a fintech company redefining virtual payments for the travel industry. Optal are world experts in optimizing B2B transactions. WEX is buying eNett from Travelport and its owners, partners of Siris Capital Group, and Elliot Management’s private equity partner, Evergreen Coast Capital. WEX is buying Optal from private shareholders. Optal is a shareholder of eNett, alongside Travelport, the majority shareholder. The two companies will be fully integrated under WEX’s ownership.
This deal speeds up WEX’s global growth strategy by opening out its position in the travel segment. Optal brings global issuing ability, a broad suite of regulatory licenses, and a robust tech and banking base to ease expansion into new territories. It further reduces WEX’s exposure to macro-economic ebb and flow through diversification. This matchless combination of paired assets and a suite of payment offerings includes a redundant and organically discrete tech platform to further support travelers the world over.
Melissa Smith of WEX said: ‘The combination of WEX’s travel business with eNett and Optal further strengthens our leadership in the global travel marketplace. In particular, this transaction strengthens our position outside of the US, adds a unique but complementary product suite, and brings a talented team with the ability to operate in international markets. We are confident this transaction will enable us to speed up our growth by deepening and expanding our position in the global travel market, broadening our product offerings to more fully address the needs of our Travel customers, and diversifying our business geographically while reducing our exposure to macro-economic factors. We couldn’t be more excited to welcome Optal and eNett to WEX. We have a deep respect for these companies.’
Anthony Hynes of eNett said: ‘We are happy to join forces with WEX to offer leading travel companies globally an enhanced and unrivaled suite of creative payment solutions. We look forward to working with the WEX team to integrate our complementary assets, including our technology, products, and most importantly, our people.’
Robert Bishop of Optal said: ‘Over the years, Optal has helped to transform and streamline B2B payments for organizations - reducing risk and fraud, turning costs into revenue, and unleashing working capital. This deal will help to extend that value to WEX, its customers and the broader travel industry. It’s also great news for Optal, our customers and our people. As a joint company, we will be uniquely positioned to address the most complicated payment challenges of travel companies across the globe. We are excited about the future and look forward to the opportunity to reach a broader set of customers.’
BofA Securities and Grant Samuel served as financial advisors to WEX. Clifford Chance and WilmerHale served as legal advisors.
Credit Suisse Securities and LionTree Advisors served as financial advisors to eNett. Wachtell, Lipton, Rosen & Katz served as legal advisor.
Financial Technology Partners served as financial advisor to Optal. Herbert Smith Freehills served as legal advisor.
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