FleetCor (FLT) Completes 3.85M Common Buyback; Sees 13c Accretive to FY12 EPS

December 3, 2012 4:04 PM EST
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FleetCor Technologies, Inc. (NYSE: FLT) today announced that it has completed its previously announced purchase of approximately 3.85 million shares of FleetCor common stock at $51.91 per share pursuant to a share repurchase agreement with certain of its private equity shareholders associated with Summit Partners and Bain Capital.

“On a pro forma basis, using actual results through September 30, 2012 and our prior guidance, the repurchase is expected to be accretive to full-year 2012 earnings by approximately $0.13 per diluted share,” said Ron Clarke, chairman and chief executive officer, FleetCor Technologies, Inc. “We believe that buying back shares from our legacy investors will help to reduce the share overhang and leaves us sufficient liquidity to execute our acquisition plans.”

The share repurchase was effected in a private transaction and FleetCor funded the $200 million aggregate purchase price with borrowings under its credit facilities.

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