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Fleetcor Technologies, Inc. (NYSE: FLT) has announced a definitive agreement to acquire Global Reach Group, a UK-based cross-border payments provider. This strategic acquisition aims to enhance Fleetcor's scale in cross-border payments, solidifying its position among the largest non-bank providers globally. The deal is expected to close in Q4 2022, pending regulatory approval, and is anticipated to be immediately accretive post-close, with potential synergies to be realized in the following year.
Positive
Acquisition expected to be immediately accretive in 2023.
Strengthens Fleetcor's position as a top non-bank global cross-border payments provider.
Complementary customer base in the UK and Canada enhances market reach.
Negative
None.
Cross-Border Addition Expected to be Immediately Accretive in 2023
ATLANTA--(BUSINESS WIRE)--
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.
About FLEETCOR®
FLEETCOR Technologies (NYSE: FLT) is a leading global corporate payments company that helps businesses spend less by providing innovative solutions that enable and 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.
What is the acquisition between Fleetcor and Global Reach Group?
Fleetcor Technologies has signed an agreement to acquire Global Reach Group, a UK-based cross-border payments provider, to enhance its operations in this sector.
When is the Fleetcor and Global Reach Group deal expected to close?
The acquisition is expected to close in the fourth quarter of 2022, subject to regulatory approval.
How will the Global Reach Group acquisition impact Fleetcor's business?
The acquisition is anticipated to be immediately accretive to Fleetcor's earnings and strengthen its position in the cross-border payments market.
What synergies does Fleetcor expect from acquiring Global Reach Group?
Fleetcor expects additional synergies to layer in during the second year following the acquisition.
