WEX intends to use revolver drawings for Payzer purchase

By Sara Rosenberg

New York, Oct. 26 – WEX Inc. plans to use borrowings under its revolving credit facility and cash on hand to fund its acquisition of Payzer, according to a news release.

Under the agreement, Payzer is being purchased for total consideration of around $250 million, with additional contingent consideration of up to $11 million based on defined performance metrics, subject to certain working capital and other adjustments.

Closing is expected by the end of the year, dependent on customary conditions.

WEX is a Portland, Me.-based financial technology service provider. Payzer is a Charlotte, N.C.-based cloud-based field service management software provider.

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