Latham & Watkins Advises AvidXchange in US$2.2 Billion Acquisition by TPG in Partnership With Corpay

AvidXchange Holdings, Inc. (NASDAQ: AVDX), a leading provider of accounts payable (AP) automation software and payment solutions, announced that it has entered into a definitive agreement to be acquired by TPG (NASDAQ: TPG), a global alternative asset management firm, in partnership with Corpay, a global leader in corporate payments. TPG and Corpay will acquire AvidXchange for US$10 per share in a cash transaction that values AvidXchange at US$2.2 billion. TPG will acquire a majority interest in AvidXchange through TPG Capital, the firm’s US and European private equity platform. Corpay will acquire a minority interest in the company.

Latham & Watkins LLP represents AvidXchange in the transaction with a corporate deal team led by New York partners David Beller and Ian Nussbaum and Chicago partner Cathy Birkeland, with associates Maddy Berg, Maya Rahwanji, Sara Brown, and Cameron Koob. Advice was also provided on antitrust matters by Washington, D.C. partner Mandy Reeves and New York partner Katherine Rocco, with associates Doug Tifft, Carla Palma, Teddy Ulin, and Sadie Goering; on benefits matters by San Diego partner Holly Bauer and Houston counsel Krisa Benskin, with associate Christina Schrantz; on data privacy matters by Bay Area partner Robert Blamires, with associate Kathryn Parsons-Reponte; on intellectual property matters by Los Angeles partner Ghaith Mahmood, with associates Nick Goshgarian and Jesse Kirkland; on fintech matters by Washington, D.C. partner Barrie VanBrackle, with associate Justin Talarczyk; on finance matters by Washington, D.C. partner Benjamin Berman and New York partner Stephanie Teicher, with associate Kate Waterman; on labor and employment matters by Chicago partner Nineveh Alkhas, with associate Jocelyn Wexler; on real estate matters by New York counsel Shira Bressler; on tax matters by Bay Area partner Katharine Moir, with associate Rasha Suleiman; on anti-bribery and anti-corruption matters by Washington, D.C. partner Erin Brown Jones, with associate Leandra Joseph; on financial regulatory matters by New York partner Arthur Long and New York counsel Pia Naib; on government contracts matters by Washington, D.C. partner Dean Baxtresser; on sanctions matters by Washington, D.C. partner Andrew Galdes, with associate Margaret Hynds; on litigation matters by New York partner Blair Connelly; on energy regulatory matters by Washington, D.C. partner Tyler Brown and Washington, D.C. counsel Jamie Blackburn; and on ex-US antitrust matters by Brussels partner Tomas Nilsson and Brussels counsel Wesley Lepla, with associate Jérôme de Ponsay.