Wex to buy Electronic Funds Source for $1.1 bln

Wex Inc. said Monday that it has agreed to buy Electronic Funds Source LLC for about $1.1 billion cash. Wex is also issuing 4 million shares of common stock to Warburg Pincus. Once the deal closes, Warburg will become Wex’s largest shareholder. Electronic Funds provides corporate payment solutions for fleet and corporate customers. BofA Merrill Lynch advised Wex.

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