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FT Partners Advises Optal on its $1.7 billion Combined Sale with eNett to WEX

Overview of Transaction

  • On January 24, 2020, WEX announced it has agreed to acquire Optal and eNett for a total consideration of $1.7 billion
  • Headquartered in Melbourne, Australia, Optal delivers innovative cross-border B2B payment technology solutions focused on the global Travel industry through its proprietary platform and capabilities
  • Partnered with eNett, Optal issues Virtual Credit Cards that serve as highly customizable and flexible payment methods through which customers can pay their suppliers
  • Optal facilitates the payment processes from start to finish, fully integrating issuing, processing and reconciliation capabilities onto a single platform

Significance of Transaction

  • The transaction accelerates WEX’s global growth strategy by expanding the Company’s position in the attractive Travel market
  • The combined enterprise will be well positioned to capture volume in the global travel market, and specifically the online travel market
  • It further reduces WEX’s exposure to macro-economic fluctuations while providing geographic diversification in its business operations
  • The acquisition is expected to be accretive in the first twelve months to WEX’s adjusted net income EPS, with expected run rate synergies of $25 million within 24 months after closing the transaction

FT Partners' Role

  • FT Partners served as exclusive strategic and financial advisor to Optal
  • This transaction underscores FT Partners’ deep cross-border transaction expertise and successful track record in the B2B Payments space