Acquisition Strengthens WEX’s European Fleet Solutions Business
SOUTH PORTLAND, Maine–(BUSINESS WIRE)–Mar. 25, 2019– WEX Inc. (NYSE:WEX), a leading financial technology service provider, announced today that it plans to acquire the fuel card business (“Go Fuel Card”) of EG Group, an independent fuel station and convenience retailer in Europe. The anticipated transaction is subject to completion of employee information and consultation processes, and other approvals, as appropriate.
The Go Fuel Card business is headquartered in Breda, Netherlands with approximately 200,000 proprietary cards in circulation across the Netherlands, France, Belgium and Luxembourg. Go Fuel Card offers fuel cards for vehicles to a range of customers from small and medium enterprises, commonly called SMEs, to larger fleet operators. Go Fuel Card operates on an independent proprietary card network with acceptance at over 5,000 retail sites.
“The addition of the Go Fuel Card business will strengthen our position in Europe by expanding our footprint in attractive markets and broadening our card acceptance through an independent, proprietary card network,” said Scott Phillips, President, Global Fleet, WEX. “I am also extremely excited about the opportunity to partner with EG Group to expand our Fleet business throughout EG locations in the U.S., Europe and Australia. This is an attractive business that projects further reductions to our sensitivity to retail fuel prices, while providing us a strong pathway for organic growth and value creation over time.”
WEX expects the transaction to close in the second quarter of 2019, subject to customary closing conditions.