We are advising TPG on the transaction

Davis Polk is advising TPG on its acquisition of AvidXchange Holdings, Inc. in partnership with Corpay. TPG and Corpay will acquire AvidXchange for $10.00 per share in a cash transaction that values AvidXchange at $2.2 billion. TPG will acquire a majority interest in AvidXchange through TPG Capital, the firm’s U.S. and European private equity platform. Corpay will acquire a minority interest in AvidXchange. The transaction is subject to customary closing conditions and regulatory approvals, and is expected to close in the fourth quarter of 2025.

TPG is a leading global alternative asset management firm, founded in San Francisco in 1992, with $246 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 includes partners Oliver Smith, Darren M. Schweiger and Michael Diz. Partner Jack Orford is providing sponsor finance advice. Partner David H. Schnabel is providing tax advice. Partner Pritesh P. Shah is providing IP and commercial transactions advice. Partner Adam Kaminsky is providing 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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