Cleary Gottlieb is representing Warburg Pincus and its portfolio company, Electronic Funds Source, in the sale of EFS to WEX Inc. WEX has agreed to purchase EFS for approximately $1.1 billion in cash and 4.0 million shares of WEX common stock. (The share consideration has an approximate value of $368 million based on the October 16 WEX closing price.)
Cleary previously represented Warburg Pincus on the purchase of EFS, which closed on May 29, 2014.
WEX, traded on the NYSE, is a global, multichannel provider of corporate payment solutions offering payment security and control across a wide spectrum of business sectors. EFS, a Warburg Pincus portfolio company, provides customized corporate payment solutions with a focus on the large and midsized trucking fleet segments in the U.S. and Canada.