FLEETCOR Exits Russia
- 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.
- None.
Launches
“We concluded the sale of our
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
View source version on businesswire.com: https://www.businesswire.com/news/home/20230815809320/en/
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?
When will FLEETCOR receive approximately 80% of the shares expected to be repurchased under the ASR program?