FleetCor Technologies Inc said it would purchase payments processing company Comdata Inc from Ceridian LLC for $3.45 billion in its biggest deal as it looks to expand into the virtual payments market.Comdata, which was acquired by payroll and employee benefits processing company Ceridian in 1995 for $900 million, provides fleet fuel cards for the trucking industry, payroll cards and gift cards among other services.Thomas H. Lee and Fidelity National Financial Inc took over Comdata in 2007 as part of their $5.3 billion acquisition of Ceridian. Ceridian was separated from Comdata last year.FleetCor said it would finance the Comdata deal with about $2.4 billion of new debt and the issuance of about 7.3 million common shares to Ceridian.
FleetCor Technologies, Inc. is an independent global provider of fuel cards and workforce payment products and services to businesses, commercial fleets, major oil companies, petroleum marketers and government entities in countries throughout North America, Latin America and Europe. Shares of FLT fell by 1.6% or $-2.1/share to $129.44. In the past year, the shares have traded as low as $96.04 and as high as $138.19. On average, 569452 shares of FLT exchange hands on a given day and today's volume is recorded at 281398.
Shares of FNF fell by 0.43% or $-0.12/share to $27.91. In the past year, the shares have traded as low as $19.44 and as high as $28.90. On average, 3338420 shares of FNF exchange hands on a given day and today's volume is recorded at 1046167.
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