FleetCor buys UK fuel card co for $304 million

By @ibtimes on

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 (195 million pounds), 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.

In addition to the deal, FleetCor entered an agreement with BNP Paribas -owned Arval, according to which UK-based Arval will provide fuel card payment solutions to its customers through AllStar.

Shares of FleetCor closed at $28.93 on Monday on the New York Stock Exchange.

(Reporting by Eileen Anupa Soreng in Bangalore; Editing by Esha Dey)

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