We advised TPG on the transaction

Davis Polk advised TPG on its acquisition of AvidXchange Holdings, Inc. in partnership with Corpay. TPG and Corpay acquired AvidXchange for $10.00 per share in a cash transaction that values AvidXchange at approximately $2.2 billion. TPG acquired a majority interest in AvidXchange through TPG Capital, the firm’s U.S. and European private equity platform. Corpay acquired a minority interest in AvidXchange. The transaction closed on October 15, 2025, following the satisfaction of required regulatory approvals and other customary closing conditions. Upon closing, AvidXchange shares have ceased trading and AvidXchange is no longer publicly listed on the Nasdaq Global Select Market.

TPG is a leading global alternative asset management firm, founded in San Francisco in 1992, with $261 billion of assets under management and investment and operational teams around the world. TPG invests across a broadly diversified set of strategies, including private equity, impact, credit, real estate and market solutions.

AvidXchange is a leading provider of accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers. AvidXchange’s software-as-a-service-based, end-to-end software and payment platform digitizes and automates the AP workflows for more than 8,500 businesses and it has made payments to more than 1,350,000 supplier customers of its buyers over the past five years.

The Davis Polk corporate team included partners H. Oliver Smith, Darren M. Schweiger and Michael Diz. Partner Jack Orford provided sponsor finance advice. Partner David H. Schnabel provided tax advice. Partner Pritesh P. Shah provided IP and commercial transactions advice. Partner Adam Kaminsky provided executive compensation advice. Members of the Davis Polk team are based in the New York, Northern California and Washington DC offices.

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