Payments processor Wex to buy peer Evolution1 for $532.5 mln

June 16 Mon Jun 16, 2014 4:34pm EDT

June 16 (Reuters) - Payment processor Wex Inc said it would buy privately held peer Evolution1 for $532.5 million in cash to strengthen its position in the healthcare payment processing market.

The deal, expected to close in the third quarter, would be funded through cash on hand and existing credit facility, Wex said in a statement on Monday.

Excluding acquisition costs, the deal is expected to add to adjusted net income in the first year after it closes. (Reporting by Abhirup Roy in Bangalore; Editing by Savio D'Souza)

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