Wright Express (WXS) to Acquire Fleet One in $369M Cash Deal
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Price: $75.99 -0.5%
Revenue Growth %: +20.9%
Financial Fact:
Service fees: 23.81M
Today's EPS Names:
SNPS, SPTN, GAME, More
Revenue Growth %: +20.9%
Financial Fact:
Service fees: 23.81M
Today's EPS Names:
SNPS, SPTN, GAME, More
Trade WXS Now!
Wright Express Corp. (NYSE: WXS) and Fleet One, an over-the-road and local retail fueling business, announced today 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.
BofA Merrill Lynch acted as financial advisor to Wright Express while WilmerHale provided legal counsel. FT Partners acted as financial advisor to Fleet One while Pepper Hamilton LLP provided legal counsel.
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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.
BofA Merrill Lynch acted as financial advisor to Wright Express while WilmerHale provided legal counsel. FT Partners acted as financial advisor to Fleet One while Pepper Hamilton LLP provided legal counsel.
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