Wright Express Corporation (NYSE: WXS), a leading provider of value-based business payment processing and information management solutions, and Fleet One, an over-the-road and local retail fueling business, announced recently that they have entered into a definitive agreement whereby Wright Express will acquire Fleet One from private equity firms LLR Partners and FTV Capital for $369 million in cash.
This transaction is expected to generate approximately $100 million in present value of tax benefits for Wright Express. The all-cash transaction will be financed through the Company’s existing credit facility and is anticipated to be immediately accretive to the Company’s adjusted net income, which is a non-GAAP measure, excluding one-time charges related to the transaction. The transaction is anticipated to close in the fourth quarter of 2012, subject to regulatory approval and other customary closing conditions.
Fleet One provides fuel cards and fleet management information services that address the entire fuel card supply chain and has a meaningful presence in both the over-the-road and local fleet markets. For the last twelve months ending June 30, 2012, Fleet One’s businesses generated revenue in excess of $56 million. They have 210,000 active cards, which are accepted at 60,000 locations, including 6,700 over-the-road locations.
Click here to view the entire Wright Express press release.
Later this month, PayStream Advisors will be releasing the 2012 Purchasing Card report that features Wright Express. Be sure to check back and download a complimentary copy of the report to learn more about current P-card trends, statistics and service providers.
