Wex to acquire Electronic Funds Source for $1.1 bln
Oct 19 (Reuters) - Payment technology company Wex Inc said on Monday it would acquire transportation services payments company Electronic Funds Source LLC for about $1.1 billion in cash.
The transaction will immediately add to earnings, Wex said. It will also result in savings of about $25 million over three years.
The deal also includes the issuance of 4 million shares to investment funds affiliated with EFS's current owner, private equity firm Warburg Pincus LLC.
On closure of the deal, the investment funds will become Wex's largest shareholder.
(Reporting by Rachel Chitra in Bengaluru; Editing by Maju Samuel)
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