NORCROSS, Ga.--(BUSINESS WIRE)--May 1, 2014-- FleetCor Technologies, Inc. (NYSE:FLT), a leading global provider of fuel cards and workforce payment products to businesses, announced today that it has signed definitive documents to acquire part of Shell’s fuel card customer portfolio in Germany in order to provide more focused services to this segment of customers. The Company has also signed a European framework agreement which outlines a broader expansion plan covering the potential acquisition of part of Shell’s fuel card portfolios in up to 12 additional markets in Europe.
Under the terms of the Germany agreement, FleetCor will be responsible for a full outsourcing arrangement for Shell’s SME fuel card customers, including sales and marketing to specific fleet segments and processing, servicing, and billing the customer base acquired. FleetCor will have the exclusive rights to sell new fuel card accounts to specific fleet segments in Germany, to further build the business.
The parties expect to complete the acquisition and begin transitioning customer accounts in Germany this summer, with plans to move on to other European markets later this year.
Ron Clarke, FleetCor Chairman and CEO said, “We are delighted to be extending our relationship with Shell up the value chain to include full outsourcing assignment for this specific segment. This transaction will allow us to establish important new major market positions in Continental Europe that have been difficult to access.”
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 high volume customer base that can increase their sales and customer loyalty. FleetCor serves commercial accounts in North America, Latin America, Europe, and Australia/New Zealand. For more information, please visit http://www.fleetcor.com.
This press release contains forward-looking statements within the meaning of the federal securities laws. 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," "expect," "may," "will," "would," "could" or "should," the negative of these terms or other comparable terminology. Examples of forward-looking statements in this press release include statements relating to transaction completion and transition, and expectations regarding the benefits to be realized. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those contained in any forward-looking statement, such as delays or failures associated with implementation; fuel price and spread volatility; changes in credit risk of customers and associated losses; the actions of regulators relating to payment cards or resulting from investigations; failure to maintain or renew key business relationships; failure to maintain competitive offerings; failure to maintain or renew sources of financing; failure to complete, or delays in completing, anticipated new partnership arrangements or acquisitions and the failure to successfully integrate or otherwise achieve anticipated benefits from such partnerships or acquired businesses; failure to successfully expand business internationally; the impact of foreign exchange rates on operations, revenue and income; the effects of general economic conditions on fueling patterns and the commercial activity of fleets, as well as the other risks and uncertainties identified under the caption "Risk Factors" in FleetCor's Annual Report on Form 10-K for the year ended December 31, 2013, filed with the Securities and Exchange Commission on March 3, 2014. FleetCor believes these forward-looking statements are reasonable; however, forward-looking statements are not a guarantee of performance, and undue reliance should not be placed on such statements. The forward-looking statements included in this press release are made only as of the date hereof, and FleetCor does not undertake, and specifically disclaims, any obligation to update any such statements or to publicly announce the results of any revisions to any of such statements to reflect future events or developments.
Source: FleetCor Technologies, Inc.