8-KOther Events

CORPAY, INC. 8-K Report, Corporate Update (Jun 7, 2012)

Filed June 7, 2012For Securities:CPAY

Summary

FleetCor Technologies, Inc. (now CORPAY, INC.) announced on June 7, 2012, significant progress in its acquisition strategy. The company has entered into an agreement to acquire CTF Technologies, Inc., a Brazilian fuel payment processing systems provider, for $180 million. This move signals FleetCor's expansion into new international markets and strengthens its position in the fuel payment processing sector. In addition to the CTF acquisition, FleetCor is pursuing two other international acquisitions, with an aggregate purchase price of approximately $70 million. These transactions, funded by cash on hand and existing credit facilities, are expected to close in the second quarter of 2012, subject to customary conditions and due diligence. These strategic acquisitions highlight FleetCor's commitment to growth and diversification.

Key Highlights

  • 1FleetCor announced agreement to acquire CTF Technologies, Inc. for $180 million.
  • 2CTF Technologies is a provider of fuel payment processing systems in Brazil.
  • 3The company is also pursuing two additional international acquisitions for approximately $70 million.
  • 4These acquisitions are funded by cash on hand and borrowings under credit facilities.
  • 5The CTF acquisition and one other are expected to close in Q2 2012, subject to customary conditions.
  • 6One acquisition remains subject to due diligence and definitive agreement negotiation.
  • 7The filing includes standard forward-looking statements and risk factor disclaimers.

Frequently Asked Questions

FleetCor announced its agreement to acquire CTF Technologies, Inc. for $180 million, a Brazilian fuel payment processing company. Additionally, the company is pursuing two other international acquisitions for approximately $70 million.

The company expects to fund these acquisitions using a combination of cash on hand and borrowings under its existing credit facilities.

The acquisition of CTF Technologies and another company under contract are expected to close in the second quarter of 2012, subject to customary closing conditions. The third acquisition is subject to further due diligence and negotiation.

These acquisitions demonstrate FleetCor's active pursuit of growth and diversification by expanding into new international markets and strengthening its core business in fuel payment processing.