Payment processor announces plans to acquire 2 companies

PORTLAND, Maine (AP) - A Portland-based payment processor plans to acquire two other payment companies in a deal worth about $1.7 billion.

Wex filed notices with federal regulators Friday of its intent to acquire eNett and Optal in a mostly cash deal, The Portland Press Herald reported. eNett is an Australia-based company that provides payment services in the travel industry, and Optal is a London-based company that optimizes business-to-business transactions .

The acquisition will benefit Wex’s position in the global travel marketplace, said Melissa Smith, chairwoman and CEO.

“This transaction strengthens our position outside of the U.S., adds a unique but complementary product suite, and brings a talented team with expertise in operating in international markets,” she said.

Wex is expected to end 2019 with $1.7 billion in revenue, according to its last quarterly filing with the Security Exchange Commission.

Wex’s board of directors have already approved the transactions; the company awaits regulatory approval.

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This story has been corrected to show the deal is worth $1.7 billion, not $1.7 million.