WilmerHale, Cleary Guide Warburg's $400M Fintech Infusion

Law360 (June 29, 2020, 2:01 PM EDT) -- Financial technology company WEX said Monday it received a $400 million investment from Warburg Pincus in a deal steered by WilmerHale and Cleary Gottlieb Steen & Hamilton LLP that's intended to help the corporate payments company weather the COVID-19 pandemic.

Maine-based WEX Inc. said an affiliate of private equity firm Warburg Pincus LLC will purchase $310 million in convertible notes and $90 million in WEX common stock through a private placement. WEX's technology focuses on business payments across a range of industries such as transportation fleets, travel and health care, according to its website.

The private investment in public equity, or...

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