WEX, a provider of corporate payment solutions, completed its acquisition of Electronic Funds Source (EFS), a provider of customized corporate payment solutions for fleet and corporate customers with a focus on the large and mid-sized over-the-road fleet segments.
EFS is now a wholly-owned subsidiary of WEX.

WEX paid approximately $1.1 billion in cash and issued approximately 4 million shares of its common stock to investment funds affiliated with Warburg Pincus, EFS’ former owner, as consideration for the acquisition of EFS. As part of the transaction, WEX expects to realize approximately $275 million in present value of tax benefits.

According to a related 8-K filing, Bank of America, serving as administrative agent on behalf of consenting lenders, provided a $455 million tranche A term loan facility, a $1.2 billion tranche B term loan facility and a $470 million secured revolver with a $250 million sublimit for letters of credit and a $20 million sublimit for swingline loans to support the transaction.