|[August 12, 2014]
Comdata To Be Acquired By FleetCor for $3.45 Billion
BRENTWOOD, Tenn. --(Business Wire)--
Comdata Inc., a leading provider of electronic payment solutions, today
announced that its parent company, Ceridian LLC, a portfolio company of
funds affiliated with Thomas H. Lee Partners, L.P. ("THL") and Fidelity
National Financial Inc. (NYSE:FNF), has entered into a definitive
agreement to sell Comdata to FleetCor Technologies, Inc. (NYSE:FLT), a
leading global provider of fuel cards and workforce payment products to
businesses, for total consideration of approximately $3.45 billion.
Under the terms of the agreement, the transaction consideration will be
comprised of approximately $2.4 billion in cash to refinance Comdata's
existing debt and approximately 7.3 million shares of FleetCor common
stock. Concurrent with the closing of the acquisition, a representative
from THL will be appointed to the FleetCor board of directors.
"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," said Stuart C. Harvey, Jr.,
chairman, president, and chief executive officer of Comdata. "Together,
Comdata and FleetCor ill create a broader, highly complementary
payments business with many strong growth opportunities in the near and
"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 chief executive officer of FleetCor Technologies,
Inc. "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."
The transaction is subject to customary closing conditions, including
receipt of HSR approval and other governmental approvals with respect to
Comdata's money transmitter license business. Closing is expected in
Comdata is a leading business-to-business provider of innovative
electronic payment solutions. As an issuer and a processor, Comdata
provides fleet and corporate payment solutions to over 20,000 customers.
In 2013, Comdata managed over 625 million cards and processed over 1.4
billion transactions from over 48 countries and in 37 currencies.
Founded in 1969 and headquartered in Brentwood, Tennessee with
approximately 1,300 employees globally, Comdata enables over $54 billion
in payment volume annually. For more information about Comdata
solutions, call 1-800-266-3282 or visit www.comdata.com.
FleetCor is a leading global provider of fuel cards and workforce
payment products to businesses. FleetCor's payment programs enable
businesses to better manage and 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, Australia and New
Zealand. For more information, please visit www.fleetcor.com.
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