WEX In Deal To Acquire Benefitexpress For $275 Mln In Cash - Quick Facts

(RTTNews) - WEX Inc. (WEX), a financial technology service provider, announced Wednesday that it has signed a deal to buy benefitexpress, a provider of highly configurable, cloud-based benefits administration technologies and services, for total consideration of around $275 million.

The deal price is subject to certain working capital and other adjustments. WEX expects the acquisition to be neutral to Adjusted Net Income for 2021.

The company expects the acquisition to be completed in the second quarter, subject to regulatory approvals and other customary closing conditions.

benefitexpress has been a trusted partner of WEX's Health division for several years. WEX expects the acquisition would significantly expand its offerings in benefits administration and will extend its health and employee benefits products and services across the full, end-to-end needs of employer clients.

In the deal, William Blair acted as financial advisor to benefitexpress, and Wilmer Cutler Pickering Hale and Dorr LLP provided legal counsel to WEX.