WEX Announces Plans to Acquire Exxon Mobil Business Card Portfolio

Rhea-AI Summary

WEX plans to acquire the Exxon Mobil Business Card program, consolidating it into WEX's commercial card offerings. This acquisition will enhance customer experience by offering streamlined expense management, benefits, and savings. The Exxon Mobil BusinessPro program allows small businesses to access fuel discounts of up to 6 cents per gallon and earn rewards through the Exxon Mobil Rewards+ program. Completion of the acquisition is subject to closing conditions.

Positive

• Consolidation of ExxonMobil's commercial card portfolio enhances WEX's business offerings.
• Potential for increased customer savings with rebates and rewards programs.
• Streamlined card management simplifies expenses for small businesses.

Negative

• Acquisition is subject to closing conditions, introducing uncertainty.
• Potential challenges in integrating ExxonMobil's customer base into WEX's existing infrastructure.

Upon completion, the deal would signify full consolidation of the ExxonMobil business card portfolio under WEX, allowing cardholders to control expenses and streamline fleet operations

PORTLAND, Maine--(BUSINESS WIRE)-- WEX (NYSE: WEX), the global commerce platform that simplifies the business of running a business, is announcing today that it has plans to acquire the Exxon Mobil Business Card program. The acquisition will be contingent upon certain conditions and subject to closing. Upon completion of the acquisition, all of ExxonMobil’s commercial card portfolio will be consolidated and administered by WEX.

“The ExxonMobil Team at WEX is very excited by the prospect of welcoming these customers to our North American portfolio of business, completing the consolidation of all ExxonMobil’s commercial card business at WEX,” said Gene Currier, vice president and business manager at WEX. “Customers will enjoy the same benefits, purchasing controls, and savings opportunities as all other Exxon Mobil BusinessPro customers across the U.S. and Canada.”

The Exxon Mobil BusinessPro program provides convenience, security, and control for small businesses. The program supports a private label, revolving credit card offering which can be used at over 12,000 Exxon™ and Mobil™ locations within the United States, plus cross-border acceptance in Canada. Its simplistic interface is designed for small business customers who typically fuel at the same stations near their home base.

Cardholders can save with fuel rebates of up to 6 cents per gallon on all Synergy™ fuel grades*. In addition to savings with the rebate, cardholders enrolled in the Exxon Mobil Rewards+™ program continue to earn points on fuel purchases, such as 4 bonus points per gallon on fuel when qualified as a Frequent Filler™ member**.

“The consolidation of the Exxon Mobil Business Card into our Exxon Mobil BusinessPro program with WEX will provide a simplified commercial card offer for prospective customers,” said Austin Johansen, fleet marketing manager at ExxonMobil. “WEX has been a valued partner for ExxonMobil, delivering excellent service and offerings to fleets and small businesses.”

To learn more about Exxon Mobil BusinessPro™ account features, visit www.newwexfuelcard.com.

About WEX

WEX (NYSE: WEX) is the global commerce platform that simplifies the business of running a business. WEX has created a powerful ecosystem that offers seamlessly embedded, personalized solutions for its customers around the world. Through its rich data and specialized expertise in simplifying benefits, reimagining mobility and paying and getting paid, WEX aims to make it easy for companies to overcome complexity and reach their full potential. For more information, please visit www.wexinc.com.

Forward-Looking Statements made by WEX

This release contains forward-looking statements, including statements regarding: our expectations regarding completing the acquisition of the ExxonMobil Business Card portfolio, which is subject to certain closing conditions, and converting these portfolio customers to the WEX card program. Any statements that are not statements of historical facts may be deemed to be forward-looking statements. When used in this press release, the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “project”, “will”, “would”, and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such words. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially, including: WEX’s ability to close on the agreement to acquire the portfolio and to convert the portfolio customers, as well as other risks and uncertainties identified in Item 1A of WEX’s annual report on Form 10-K for the year ended December 31, 2021, filed with the Securities and Exchange Commission on March 1, 2022. WEX's forward-looking statements do not reflect the potential future impact of any alliance, merger, acquisition, disposition or stock repurchases. The forward-looking statements speak only as of the date of this release and undue reliance should not be placed on these statements. WEX disclaims any obligation to update any forward-looking statements as a result of new information, future events or otherwise.

*Exxon Mobil BusinessPro is issued by WEX Bank. Based on monthly volume, refer to the standard rebate table. Rebates are not applied at time of purchase — they will appear as an account credit on the same billing statement as your monthly purchases. Rebates issued if payment is made in accordance with the terms of the ExxonMobil Fleet Charge Account Agreement. Rebates may not be allowed where prohibited by law and apply only to fuel purchases made with the ExxonMobil Fleet Card at participating Exxon and Mobil branded stations in the U.S. Please contact ExxonMobil Fleet Services for further information on available rebates. Rebates can be changed at any time at ExxonMobil's discretion.

Fuel economy improvement is based on Synergy-branded gasoline compared to gasoline meeting minimum U.S. government standards.

**Exxon Mobil Rewards+ Frequent Filler™ bonus points are received by purchasing at least 100 gallons of Synergy fuel in a calendar month (i.e., August). To qualify, you must make purchases at participating Exxon or Mobil station locations either using (1) your Exxon Mobil Rewards+ card, or (2) your alt-ID/telephone number or (3) within the Exxon Mobil Rewards+ app. Visit exxon.com/terms to learn more.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220728005416/en/

Robert Gould

robert.gould@wexinc.com

Source: WEX

FAQ

What is WEX planning to acquire regarding ExxonMobil?

WEX plans to acquire the Exxon Mobil Business Card program, consolidating it within its commercial card offerings.

What are the benefits of the Exxon Mobil BusinessPro program?

The Exxon Mobil BusinessPro program offers fuel rebates of up to 6 cents per gallon and bonus points through the Exxon Mobil Rewards+ program.

When will WEX complete the acquisition of the Exxon Mobil Business Card program?

The acquisition is contingent upon certain closing conditions, and no specific completion date has been provided.

What is expected to happen after the acquisition is completed?

After the acquisition, customers will have a simplified commercial card experience with consolidated benefits and services.

What challenges might WEX face during the acquisition of ExxonMobil's program?

WEX may face integration challenges when incorporating ExxonMobil's customer base into its existing systems.