Warburg Pincus to Invest $400 Million in WEX

Cleary Gottlieb is representing Warburg Pincus in its PIPE investment in WEX Inc. (WEX), which includes convertible notes of an aggregate principal amount of $310 million and $90 million in common stock through a private placement.

The deal signed on June 29, 2020, and is expected to close in the next several days.

WEX is a leading financial technology service provider across a wide spectrum of sectors, including fleet, travel, and healthcare. It operates in more than 10 countries and in more than 20 currencies through more than 5,000 associates around the world. WEX fleet cards offer 14.9 million vehicles exceptional payment security and control; purchase volume in travel and corporate solutions grew to $39.6 billion in 2019; and the WEX Health financial technology platform helps 390,000 employers and 31.8 million consumers better manage healthcare expenses.

For more information, please see the press release here.