Eversheds Sutherland Advises Corpay in Investment alongside TPG to Acquire AvidXchange for $2.2 Billion

The idea of making payments digitally, where individuals utilize a mobile device for online banking and shopping, through the use of technology and internet connectivity for financial transactions.The idea of making payments digitally, where individuals utilize a mobile device for online banking and shopping, through the use of technology and internet connectivity for financial transactions.

Eversheds Sutherland Advises Corpay in Investment Alongside TPG to Acquire AvidXchange for $2.2 Billion

May 07, 2025

United States
United States
United States
Eversheds Sutherland is pleased to have advised Corpay, Inc. (NYSE: CPAY), a leading corporate payments company, on its definitive agreement to make a minority investment in AvidXchange Holdings, Inc. (NASDAQ: AVDX) (“AvidXchange”) as part of a transaction to take AvidXchange private alongside TPG for $10.00 per share in a cash transaction that values AvidXchange at $2.2 billion.

Under the agreement, Corpay will invest approximately $500 million for a 33% equity stake in the company and has the option to buy the entire company in 2028. The transaction is expected to close in the fourth quarter of 2025, subject to AvidXchange shareholder and regulatory approval and standard closing conditions.

AvidXchange is a leading provider of accounts payable (AP) automation solutions to lower middle market companies with a focus on several verticals including real estate, HOA, financial institutions and media.

Read Corpay’s release.

Read AvidXchange’s release.

Eversheds Sutherland Corporate Partners David Phillips, Rob Ellis and Craig Alcorn led the deal, with support from Tax Partner Wes Sheumaker, Tax Counsel Frank Comparetto, Corporate Partner Hill Jeffries and Corporate Associate Adam Byrne.

The materials on the Eversheds Sutherland website are for general information purposes only and do not constitute legal advice. While reasonable care is taken to ensure accuracy, the materials may not reflect the most current legal developments. Eversheds Sutherland disclaims liability for actions taken based on the materials. Always consult a qualified lawyer for specific legal matters. To view the full disclaimer, see our Terms and Conditions or Disclaimer section in the footer. Eversheds Sutherland is a provider of legal and other services operating through various separate and distinct legal entities. For further information about these entities and Eversheds Sutherlands' structure please see the Legal Notice page of this website.

Services

Industries

Key contacts

davidphillips@eversheds-sutherland.com

David S. Phillips

Partner

Atlanta, United States

robellis@eversheds-sutherland.com

Rob Ellis

Partner

Atlanta, United States

craigalcorn@eversheds-sutherland.com

Craig T. Alcorn

Partner

Chicago, United States

adambyrne@eversheds-sutherland.us

J. Adam Byrne, Jr.

Counsel

Atlanta, United States | Chicago, United States

Latest Insights

Latest News

Latest Events

atrium glass roof interior modern architecture indoor trees sustainability

legal updates

July 30, 2026

Technology Law Shorts - July 2026

Looking up modern office buildings blue sky

legal updates

July 29, 2026

Commercially connected - July 2026

skyscrapers upward view symmetry modern corporate architecture city

legal updates

July 27, 2026

EU adopts its 21st sanctions package against Russia and Belarus

blue-building-windows-angular-168133144_m

legal updates

July 27, 2026

Ireland’s Presidency of the Council of the European Union

© Eversheds Sutherland 2026. All rights reserved. Eversheds Sutherland is a provider of legal and other services operating through various separate and distinct legal entities. For further information about these entities and Eversheds Sutherlands' structure please see the Legal Notice page of this website.

Eversheds Sutherland is the name and brand under which the members of Eversheds Sutherland Limited (Eversheds Sutherland (International) LLP and Eversheds Sutherland (US) LLP) and their respective controlled, managed or affiliated firms and the members of Eversheds Sutherland (Europe) Limited and Eversheds Sutherland (Africa) Limited (each an "Eversheds Sutherland Entity" and together the "Eversheds Sutherland Entities") provide legal or other services to clients around the world. Eversheds Sutherland Entities are constituted and regulated in accordance with relevant local regulatory and legal requirements. The use of the name Eversheds Sutherland, is for description purposes only and does not imply that the Eversheds Sutherland Entities are in a partnership or are part of a global entity. The responsibility for the provision of services to the client is defined in the terms of engagement between the instructed firm and the client. For further information about these Eversheds Sutherland Entities and Eversheds Sutherlands’ structure please see the Legal Notices page of this website. For information on Konexo please also see the Legal Notices page of this website.