Corporate-payments technology company Wex Inc. said on Monday that it’s reached a nearly $1.5 billion cash-and-stock deal to acquire transportation services payments company Electronic Funds Source LLC. Wex expects the deal to immediately add to earnings, and save the company about $25 million over the next three years. When the deal closes, Wex will pay about $1.1 billion in cash, and issue four million shares to investment funds affiliated with private equity firm Warburg Pincus LLC, which owns Electronic Funds Source.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News