SPX3,825.33+39.95 1.06%
DIA310.85+3.03 0.98%
IXIC11,127.85+99.11 0.90%

FLEETCOR To Acquire UK-Based Cross-Border Business; No Financial Terms Disclosed

FLEETCOR Technologies, Inc. (NYSE:FLT), a leading global business payments company, today announced it has signed a definitive agreement to acquire the Global Reach Group, a UK-based cross-border payments

Benzinga · 06/09/2022 16:16

FLEETCOR Technologies, Inc. (NYSE:FLT), a leading global business payments company, today announced it has signed a definitive agreement to acquire the Global Reach Group, a UK-based cross-border payments provider. With the acquisition, FLEETCOR® increases its cross-border payments scale and strengthens its position as one of the largest non-bank global cross-border providers in the world. The transaction is expected to close in the fourth quarter of 2022, subject to regulatory approval and standard closing conditions.

Global Reach Group serves customers of all sizes by facilitating international payments. With thousands of corporate clients primarily in the United Kingdom and Canada, the acquisition provides an overlapping footprint to FLEETCOR's current cross-border payments business.

"Global Reach is a fantastic addition to our existing cross-border business that can be quickly integrated into our global business. We anticipate the deal to be immediately accretive post-close with additional synergies to layer in during year two," said Ron Clarke, chairman and chief executive officer, FLEETCOR Technologies, Inc.

Jones Day provided legal counsel to FLEETCOR. Eversheds Sutherland provided legal counsel to Global Reach, and Canaccord Genuity provided strategic and financial advice to Global Reach.