FleetCor is a fuel cards and workforce payment solutions provider. With regards to Comdata’s license business, this agreement has customary closing conditions including governmental approvals and the deal closure is expected to be in December 2014.
“This combination marks an exciting new chapter for Comdata. FleetCor has a history of driving synergistic growth for acquired companies and I’m confident Comdata’s businesses can continue to flourish following this transaction for the benefit of all of our stakeholders and, most importantly, the customers we serve,” explained Stuart C. Harvey, Jr., chairman, president, and CEO, Comdata, in a press release. “Together, Comdata and FleetCor will create a broader, highly complementary payments business with many strong growth opportunities in the near and long term.”
FleetCor will pay cash for Comdata’s existing debt of $2.4 billion and another 7.3 million common stock shares of FleetCor, and a THL representative will become part of the FleetCor board of directors.
“We have followed Comdata’s growth and development for many years, and are excited today to be bringing the companies together,” said Ron Clarke, chairman and CEO, FleetCor Technologies, Inc., in a press release. “Comdata’s virtual payments business will add a completely new growth leg to FleetCor. We believe that the combination will result in significant synergies as we implement our operating disciplines to their portfolio of businesses.”
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