ATLANTA--(BUSINESS WIRE)--Jul. 11, 2012--
FleetCor Technologies, Inc. (NYSE: FLT), a global leader in providing
fuel card and workforce payment products to businesses, today announced
that it successfully completed its previously announced acquisition of
CTF Technologies, Inc. (“CTF”) for $180 million.
CTF provides fuel payment processing services for over-the-road fleets,
ships, mining equipment, and railroads in Brazil. CTF’s payment platform
links together fleet operators, two of the largest Brazilian banks,
Bradesco and Itau, and the two largest Brazilian oil companies,
Petrobras and Ipiranga. CTF earns revenue primarily from a recurring
transaction fee paid by the oil companies who purchase the CTF system
for their fleet customers under multi-year customer contracts. More than
3 billion liters of fuel were processed through the CTF system in Brazil
“We are pleased to announce the successful completion of our acquisition
of CTF, which is consistent with our global acquisition strategy of
identifying attractive assets with performance upside. We look forward
to implementing our performance improvement strategies,” said Ron
Clarke, chairman and chief executive officer, FleetCor Technologies, Inc.
FleetCor is a leading global provider of fuel cards and workforce
payment products to businesses. FleetCor’s payment programs enable
businesses to better control employee spending and provide
card-accepting merchants with a commercial customer base that can
increase their sales and customer loyalty. FleetCor serves commercial
accounts in North America, Latin America, and Europe. For more
information, please visit www.fleetcor.com.
This press release contains forward-looking statements within the
meaning of the federal securities laws. Some of these statements include
those regarding future financial and operating results, benefits of the
transaction, future opportunities for the combined company, and any
other statements about FleetCor or CTF management’s future expectations,
beliefs, goals, plans or prospects. Statements that are not historical
facts, including statements about FleetCor's beliefs, expectations and
future performance, are forward-looking statements. Forward-looking
statements can be identified by the use of words such as "anticipate,"
"intend," "believe," "estimate," "plan," "seek," "project" or "expect,"
"may," "will," "would," "could" or "should," the negative of these terms
or other comparable terminology. There are a number of important factors
that could cause actual results or events to differ materially from
those indicated by such forward-looking statements, including
difficulties in integrating CTF or a failure to attain anticipated
operating results, each of which could affect the accretiveness of the
acquisition, and the other factors described in FleetCor’s periodic
reports filed with the Securities and Exchange Commission. FleetCor
undertakes no obligation to update forward looking statements to reflect
changed assumptions, the occurrence of unanticipated events, or changes
in future operating results, financial condition or business over time.
Readers are further advised to review the “Risk Factors” set forth in
FleetCor’s Annual Report on Form 10-K, which further detail and
supplement the factors described in this paragraph.
Source: FleetCor Technologies, Inc.
Investor Relations, 770-729-2017