October 19, 2015
Weil is serving as antitrust counsel to WEX Inc., a leading provider of corporate payment solutions, in its recent definitive agreement to acquire Electronic Funds Source LLC (EFS) for a total consideration of approximately $1.1 billion in cash and approximately $400 million in shares of common stock to be issued to investment funds affiliated with Warburg Pincus, EFS’ current owner. The transaction, which has been unanimously approved by the WEX board of directors, is subject to regulatory approvals and other customary closing conditions.
EFS’ experience in the mid- and large-sized over-the-road (“OTR”) fleet segments will serve to complement WEX’s existing corporate payments spectrum and small, local OTR fleet focus by adding important functionality in controls, permitting, fuel price analytics, mobile account maintenance and a strong acceptance in Canada. The combined company will “serve the needs of all sizes and types of fleets by drawing on strengths from both companies’ offerings to provide a more efficient, more comprehensive and better-integrated solution to all customers.”