Navigate this market better. Subscribe for FREE stock alerts and information.

Tuesday, December 13, 2011

FleetCor buys UK fuel card co for $304 mln, (NYSE: FLT)

FleetCor Technologies Inc, which sells fuel payment cards and services, bought AllStar Business Solutions Ltd from fleet management company Arval Group for about $304 million, to expand its operations in the United Kingdom.The company that went public last December, financed the deal with available cash and its existing credit facilities.FleetCor, which caters to commercial fleet and oil companies, said it expects the deal to add to its 2012 revenue and earnings.AllStar's fuel cards permit fleet operators to provide company drivers with a payment card to securely fuel their vehicles without the need to pay with cash or personal cards.

Fleetcor Technologies, Inc. (FleetCor) is an independent global provider of specialized payment products and services to businesses, commercial fleets, oil companies, petroleum marketers and government entities in 18 countries in North America, Europe, Africa and Asia. Shares of FLT remained unchanged at $28.93. In the past year, the shares have traded as low as $24.28 and as high as $38.00. On average, 100228 shares of FLT exchange hands on a given day and today's volume is recorded at 0.