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FLEETCOR Exits Russia

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FLEETCOR Technologies, Inc. (NYSE: FLT) announced the sale of its Russia business to a local investment group, divesting all operations in Russia. The company also launched a $450 million Accelerated Share Repurchase (ASR) program with Bank of America, N.A. to repurchase shares of common stock. Approximately 80% of the shares expected to be repurchased will be received by FLEETCOR on August 21, 2023, with the total number of shares ultimately repurchased to be determined upon final settlement. The ASR is anticipated to be completed by the end of the third quarter of 2023.
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  • The sale of the Russia business aligns with FLEETCOR's strategic decision to exit the market, potentially reducing exposure to geopolitical risks and focusing on other growth opportunities.
  • The $450 million ASR program demonstrates FLEETCOR's confidence in its financial position and commitment to enhancing shareholder value through stock repurchases.
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  • None.

Launches $450 Million Accelerated Share Repurchase

ATLANTA--(BUSINESS WIRE)-- FLEETCOR Technologies, Inc. (NYSE: FLT), a leading global business payments company, today announced the sale of its Russia business to a local investment group. The transaction divests all of FLEETCOR’s operations in Russia.

“We concluded the sale of our Russia business this week and are now completely out of the market. We are also announcing the launch of a $450 million ASR to buyback FLEETCOR stock,” said Ron Clarke, Chairman and CEO of FLEETCOR Technologies, Inc.

The company also announced that it has entered into an Accelerated Share Repurchase (“ASR”) program with Bank of America, N.A. to repurchase shares of common stock under its current share repurchase authorization. Approximately 80 percent of the shares expected to be repurchased under the transaction will be received by FLEETCOR on August 21, 2023. The total number of shares ultimately repurchased under the program will be determined upon final settlement and will be based on a discount to the volume-weighted average price of FLEETCOR’s common stock during the ASR period. FLEETCOR anticipates that all repurchases under the ASR will be completed by the end of the third quarter of 2023.

Terms of the sale were not disclosed.

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.

Investor Relations

Jim Eglseder, 770-417-4697

Jim.Eglseder@fleetcor.com

Media Relations

Chad Corley, 770-729-5021

Chad.corley@fleetcor.com

Source: FLEETCOR Technologies, Inc.

FAQ

What did FLEETCOR Technologies, Inc. (NYSE: FLT) announce?

FLEETCOR announced the sale of its Russia business to a local investment group and the launch of a $450 million Accelerated Share Repurchase (ASR) program.

When will FLEETCOR receive approximately 80% of the shares expected to be repurchased under the ASR program?

FLEETCOR will receive approximately 80% of the shares on August 21, 2023.

When is the ASR program anticipated to be completed?

The ASR program is anticipated to be completed by the end of the third quarter of 2023.

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