WEX Inc. Acquisition of Electronic Funds Source LLC
WEX Inc., a leading provider of corporate payment solutions, sought to acquire Electronic Funds Source LLC (a portfolio company of Warburg Pincus) for approximately $1.1 billion in cash and $400 million in shares of WEX common stock, in a proposed merger of two of the largest fleet card companies in the US. An Analysis Group team, including Managing Principal Rebecca Kirk Fair, Vice Presidents Emily Cotton and Brian Ellman, and Manager Juliette Caminade, was retained on behalf of both parties to evaluate the competitive effects of the acquisition. The Analysis Group team supported the process through the second request phase, as well as the US Federal Trade Commission's inquiry into the potential unilateral and coordinated effects of the merger. Following a seven-month investigation, the FTC cleared the acquisition.