Shares of WEX (NYSE: WEX) popped as much as 10% today after the company completed its acquisition of eNett and Optal. The deal was first announced in January and has been mired in controversy throughout the year. The stock was up 8% as of 12:45 p.m. EST.
WEX, a fintech company that specializes in corporate payment cards and maintaining vehicle fleets, had tried to back out of the acquisition in May, citing the "material adverse effect" that the pandemic was having on eNett and Optal. The transaction was originally designed to expand WEX's position in the corporate travel market, which was decimated by the COVID-19 pandemic.
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Source Fool.com