WEX Inc [NYSE: WEX] reported that the company has completed the purchase of eNett and Optal. Both Optal and eNett provide and specialize in B2B transactions and payment solutions. The company paid a total of $577.5 million in cash to acquire eNett. This transaction will aid WEX in extending their B2B focused leadership team.
Anthony Hynes the former MD and CEO of eNett will now act as the president of the travel division of eNett. Meanwhile, Jay Dearborn will act as the president of the corporate payments. He will be responsible for Wex B2B payment products. Both Hynes and Dearborn will be reporting directly to the CEO Melissa Smith.
Moreover, contemporaneously with the finishing of the transaction, WEX and the previous investors of eNett and Optal have consented to a full and last settlement of the litigation forthcoming in the English courts relating to the previously announced acquisition contract.