Under the deal, Corpay invested approximately $550 million for a 34% equity stake in the company, with an option to purchase the remaining shares at a later date.
The transaction, first announced in May, takes AvidXchange private as both firms aim to accelerate their growth trajectory.
“We expect the transaction to be slightly accretive to the fourth quarter of 2025, and accretive to Corpay earnings in 2026,” said Ron Clarke, Chairman and CEO of Corpay. “The combined team is squarely focused on accelerating revenue and profit growth to a place where we would exercise our option to purchase the remaining equity.”
John Flynn and Tim Millikin, partners at TPG, said the partnership would help “fully realise the potential within AvidXchange,” adding that Corpay’s involvement brings “additional perspective and insight” to strengthen performance.
The deal positions Corpay to further expand its footprint in the rapidly growing business payments sector, where automation and digital workflows are increasingly in demand.
