Warburg Pincus in Sale of Electronic Funds Source
July 1, 2016
Cleary Gottlieb represented Warburg Pincus and its portfolio company, Electronic Funds Source, in the sale of EFS to WEX Inc.
The sale was worth approximately $1.1 billion in cash and approximately 4,000,000 shares of WEX common stock. (The share consideration has an approximate value of $349,000,000 based on price at the time of closing.) The transaction was announced on October 19, 2015 and closed on July 1, 2016.
Cleary Gottlieb previously represented Warburg Pincus in its acquisition of EFS which closed on May 29, 2014.
WEX Inc. is a global, multi-channel provider of corporate payment solutions offering payment security and control across a wide spectrum of business sectors. EFS, a former Warburg Pincus portfolio company, provides customized corporate payment solutions with a focus on the large and mid-sized trucking fleet segments in the U.S. and Canada. They are two of the largest three providers of fleet cards for over-the-road trucking companies in the United States.
The U.S. Federal Trade Commission cleared the acquisition after a seven-month investigation.