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FLEETCOR Technologies, Inc. (NYSE: FLT) has completed the acquisition of Global Reach Group, a UK-based cross-border payments provider. This move enhances FLEETCOR's scale in cross-border payments, strengthening its position as a leading non-bank B2B provider. The acquisition is expected to be immediately accretive in 2023, supporting the company's growth in this segment. FLEETCOR currently processes payments in over 145 currencies for around 27,000 customers globally, and this acquisition aims to expand its footprint in key markets including the UK, EU, and Canada.
Positive
Acquisition of Global Reach Group expands FLEETCOR's cross-border payments capabilities.
Expected to be immediately accretive in 2023.
Strengthens FLEETCOR's position in the UK, EU, and Canada markets.
Negative
None.
Deal Expected to be Immediately Accretive in 2023
ATLANTA--(BUSINESS WIRE)--
FLEETCOR Technologies, Inc. (NYSE: FLT), a leading global business payments company, completed the acquisition of 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 a leading non-bank B2B global cross-border payments provider.
Global Reach Group facilitates international payments for customers of all sizes across a variety of industries. This acquisition bolsters FLEETCOR’s cross-border payments footprint in the UK, EU and Canada. Today, FLEETCOR processes cross-border payments in more than 145 currencies for approximately 27,000 customers worldwide.
“Since entering the cross-border payments space five years ago, we’ve built a market-leading cross-border payments business that will play an important role in our growth moving forward. The acquisition is expected to be immediately accretive in 2023,” said Ron Clarke, chairman and chief executive officer, FLEETCOR Technologies, Inc.
Mark Frey, FLEETCOR’s Group President of Cross-Border Solutions added, “We’re very excited to welcome Global Reach and its talented team to the FLEETCOR cross-border family under our Corpay brand. With the acquisition, we can better serve our customers while continuing to expand our presence in a number of core geographic markets.”
Jones Day provided legal counsel to FLEETCOR. Global Reach was advised by Eversheds Sutherland and Canaccord Genuity.
About FLEETCOR®
FLEETCOR Technologies (NYSE: FLT) is a leading global business payments company that helps businesses spend less by providing innovative solutions that control expense-related purchasing and payment processes. The FLEETCOR portfolio of brands automate, secure, digitize and manage payment transactions on behalf of businesses across more than 100 countries in North America, Latin America, Europe, and Asia Pacific. For more information, please visit www.FLEETCOR.com.
About Global Reach Group
Founded in 2001 and headquartered in London, Global Reach has developed a presence in the UK, Canada, Spain, and the Netherlands. For more information, please visit www.globalreachgroup.com.
