Global alternative asset manager TPG will partner with Corpay to buy payments solutions provider AvidXchange and take it private in an all-cash deal worth $2.2 billion, the companies said on Tuesday.

The AP solutions provider has agreed to be acquired by an asset management firm and payment solutions provider, after which it will go private.

TPG and Corpay have teamed up to acquire AvidXchange in an all-cash deal valued at $2.2bn, taking the payments firm private. The firms will pay $10.00 per share for AvidXchange, marking a 22% premium over the company’s closing price on 6 May.