04:56 AM EDT, 05/07/2025 (MT Newswires) -- Corpay ( CPAY ) said late Tuesday it agreed to invest in AvidXchange Holdings ( AVDX ) as part of a deal to take AvidXchange ( AVDX ) private alongside TPG (TPG) for $10 per share in a cash acquisition that values AvidXchange ( AVDX ) at $2.2 billion.

Corpay ( CPAY ) will invest about $500 million for a 33% stake in AvidXchange ( AVDX ), while TPG will acquire a majority interest. Corpay ( CPAY ) expects the deal to be accretive to earnings in 2026.

The purchase price represents a 22% premium over AvidXchange's ( AVDX ) Tuesday closing price. The deal is expected to close in Q4.

AvidXchange ( AVDX ) shares were up 19% in recent premarket activity Wednesday, while Corpay ( CPAY ) rose 1.5%. TPG was up 5%.