AvidXchange rises on $2.2 billion buyout deal with TPG, Corpay

Payments firm AvidXchange's AVDX.O shares gain 18.7% to $9.73 before the bell

AVDX late Tuesday announced it had agreed to be taken private by buyout giant TPG TPG.O in partnership with payments firm Corpay CPAY.N

TPG and CPAY will pay $10 per share in cash transaction valuing AVDX at $2.2 billion

Purchase price represents 45% premium to AVDX's closing price on March 12, the last trading day before media reports of a potential transaction

Transaction expected to close in Q4 2025, wherein CPAY will invest about $500 million for a 33% equity stake in AVDX

CPAY has option to buy rest of AVDX in 2028

As of last close, AVDX stock down 21% YTD