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(NYSE: CPAY), a leading corporate payments company, on its definitive agreement to make a minority investment in AvidXchange Holdings, Inc. (NASDAQ: AVDX) (“AvidXchange”) as part of a transaction to take AvidXchange private alongside TPG for $10.00 per share in a cash transaction that values AvidXchange at $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. The materials on the Eversheds Sutherland website are for general information purposes only and do not constitute legal advice. While reasonable care is taken to ensure accuracy, the materials may not reflect the most current legal developments. Eversheds Sutherland disclaims liability for actions taken based on the materials. Always consult a qualified lawyer for specific legal matters. To view the full disclaimer, see our Terms and Conditions or Disclaimer section in the footer. Services Corporate and M&A Mergers and Acquisitions Industries Financial Services Payments and Fintech Private Capital Technology Key contacts David S. Phillips Partner Atlanta, United States Rob Ellis Partner Atlanta, United States Craig T. Alcorn Partner Chicago, United States J. 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The idea of making payments digitally, where individuals utilize a mobile device for online banking and shopping, through the use of technology and internet connectivity for financial transactions.

Eversheds Sutherland Advises Corpay in Investment Alongside TPG to Acquire AvidXchange for $2.2 Billion

May 07, 2025

United States

Eversheds Sutherland is pleased to have advised Corpay, Inc. (NYSE: CPAY), a leading corporate payments company, on its definitive agreement to make a minority investment in AvidXchange Holdings, Inc. (NASDAQ: AVDX) (“AvidXchange”) as part of a transaction to take AvidXchange private alongside TPG for $10.00 per share in a cash transaction that values AvidXchange at $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.

The materials on the Eversheds Sutherland website are for general information purposes only and do not constitute legal advice. While reasonable care is taken to ensure accuracy, the materials may not reflect the most current legal developments. Eversheds Sutherland disclaims liability for actions taken based on the materials. Always consult a qualified lawyer for specific legal matters. To view the full disclaimer, see our Terms and Conditions or Disclaimer section in the footer.

David S. Phillips

Partner

Atlanta, United States

Rob Ellis

Partner

Atlanta, United States

Craig T. Alcorn

Partner

Chicago, United States

J. Adam Byrne, Jr.

Counsel

Atlanta, United States | Chicago, United States

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Eversheds Sutherland is the name and brand under which the members of Eversheds Sutherland Limited (Eversheds Sutherland (International) LLP and Eversheds Sutherland (US) LLP) and their respective controlled, managed or affiliated firms and the members of Eversheds Sutherland (Europe) Limited and Eversheds Sutherland (Africa) Limited (each an "Eversheds Sutherland Entity" and together the "Eversheds Sutherland Entities") provide legal or other services to clients around the world. Eversheds Sutherland Entities are constituted and regulated in accordance with relevant local regulatory and legal requirements. The use of the name Eversheds Sutherland, is for description purposes only and does not imply that the member firms or their controlled, managed or affiliated entities are in a partnership or are part of a global entity. The responsibility for the provision of services to the client is defined in the terms of engagement between the instructed firm and the client. For information on Konexo please also see the Legal Notices page of this website
ATTORNEY ADVERTISING - Prior results do not guarantee a similar outcome.
Unless otherwise indicated, attorneys at Eversheds Sutherland (US) LLP are not certified by the Texas Board of Legal Specialization.

Eversheds Sutherland Advises Corpay in Investment Alongside TPG to Acquire AvidXchange for $2.2 Billion

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