Wex acquires travel agency payments platform eNett
Australia based travel B2B payments solutions firm eNett is being acquired by Wex Inc.
Wex will pay $1.7 billion for eNett from majority owner Travelport and minority investor Optal.
The deal also includes the acquisition of Optal.
Wex will pay $1.275 billion in cash and about two million shares of common stock.
eNett offers virtual payment solutions for travel agencies and travel suppliers in dozens of currencies.
It also provides settlement services for some currencies.
eNett virtual card numbers can also be used at all locations where Mastercard is accepted.
"The combination of WEX’s travel business with eNett and Optal further strengthens our leadership in the global travel marketplace," said WEX CEO Melissa Smith.
Smith says it ‘adds a unique but complementary product suite’ and further expands the company’s reach into Asia Pacific.
Both eNett and Optal will be integrated within the Wex business.
The transaction is expected to close by mid-2020.
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