WEX Inc. Announces Definitive Agreement to Acquire Electronic Funds Source LLC
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S&P Lowers Outlook on Wex, Inc. (WEX) to Negative Following Move to Acquire EFS
October 19, 2015 2:47 PM EDTStandard & Poor's Ratings Services said today it revised its outlook on WEX Inc. (NYSE: WEX) to negative from stable and affirmed its 'BB-' issuer credit rating. At the same time, we affirmed our 'BB-' ratings on the company's senior secured credit facility, including a term loan and revolver, as well as its senior unsecured notes. We assigned '3' recovery ratings to the senior secured credit facility and the senior unsecured debt, indicating our expectation for a meaningful (50%-70%, upper half of the range) recovery for lenders in the event of a payment... More
Wex, Inc. (WEX) to Acquire lectronic Funds Source in ~$1.5B Cash, Stock Deal
October 19, 2015 6:52 AM EDTWex, Inc. (NYSE: WEX) has entered into a definitive agreement to acquire Electronic Funds Source LLC (EFS) for a total consideration of approximately $1.1 billion in cash and 4.0 million shares of common stock to be issued to investment funds affiliated with Warburg Pincus, EFS current owner. The acquisition is expected to be immediately accretive to adjusted net income.
We are very excited about the prospect of combining these two great companies, which have a strong customer orientation, aligned strategy and a complementary footprint, said Melissa Smith, WEXs president and chief executive officer. We believe this acquisition... More
