The US Federal Trade Commission (FTC) has unconditionally cleared payment technology firm WEX’s $1.1bn acquisition of Electronic Funds Source (EFS).
The deal, first announced in October 2015, is expected to close at the beginning of the third fiscal quarter.
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WEX said it intends to finance the $1.1bn cash portion of the deal consideration through a combination of a new revolving credit facility, Term Loan A facility and Term Loan B facility.
Based on the current expectations for closing and financing rates, WEX expects the transaction to be accretive to adjusted net income over the next 12 months.
The company added that it does not expect the transaction to have a material impact on previously issued guidance for the remainder of 2016, given the timing of the close.
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