WEX to use credit facility borrowings to help fund Evolution1 purchase

By Tali Rackner

Norfolk, Va., June 16 – WEX Inc. plans to use borrowings under its existing credit facility to fund the acquisition of Evolution1, according to a press release.

Cash on hand will also be used to help fund the $532.5 million transaction.

South Portland, Maine-based WEX is a provider of corporate card payment solutions. Evolution1 is an Avon, Conn.-based electronic payment, on-premise and cloud computing health care service that administers reimbursement accounts.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.