Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Payment systems provider WEX Inc (NYSE: WEX) said on Tuesday that it has completed its previously announced agreements to acquire eNett and Optal.
WEX paid approximately $577.5 million from cash in hand for eNett, a B2B payment solutions provider and Optal, a company specialising in B2B transactions.
The Portland-based company said that due to the acquisitions it is expanding its leadership team within its B2B payments-focuses travel and corporate solutions segment with former eNett CEO, Anthony Hynesbecoming president of the travel division.
WEX and former shareholders of eNett and Optal have agreed on a final settlement of the litigation that was previously pending in English courts due to the purchase agreement.
The company’s shares rallied on the news and are currently trading 8.62% higher at $200.88 after Monday’s close at $184.93.
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