The U.S. Federal Trade Commission has unconditionally cleared the WEX acquisition of Electronic Funds Source.
The deal is expected to close at the beginning of the third fiscal quarter, subject to the satisfaction of customary closing conditions. WEX intends to finance the $1.1 billion cash portion of the deal consideration through a combination of a new revolving credit facility, Term Loan A facility and Term Loan B facility.
Based on the current expectations for closing and financing rates, WEX expects the transaction will be accretive to adjusted net income over the next 12 months. However, given the timing of the close, the Company does not expect the transaction will have a material impact on previously issued guidance for the remainder of 2016.
WEX provides corporate payment solutions. From its roots in fleet card payments beginning in 1983, WEX has expanded the scope of its business into a multi-channel provider of corporate payment solutions representing more than 9 million vehicles and offering exceptional payment security and control across a wide spectrum of business sectors. WEX serves a global set of customers and partners through its operations around the world, with offices in the United States, Australia, New Zealand, Brazil, the United Kingdom, Italy, France, Germany, Norway, and Singapore. WEX and its subsidiaries employ more than 2,000 associates.
For a complete archive of more than 70,000 articles published since 1995 search the CardFlash.com library.