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.

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.

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