Wright Express Will Buy Fleet One for $369M

Wright Express Corporation

, a leading provider of value-based business payment processing and information management solutions, and Fleet One, an over-the-road and local retail fueling business, announced today that they have entered into a definitive agreement whereby Wright Express will acquire Fleet One from private equity firms LLR Partners and FTV Capital for $369 million in cash. This transaction is expected to generate approximately $100 million in present value of tax benefits for Wright Express. The all cash transaction will be financed through the Company's existing credit facility and is anticipated to be immediately accretive to the Company's adjusted net income, which is a non-GAAP measure, excluding one-time charges related to the transaction. The transaction is anticipated to close in the fourth quarter of 2012, subject to regulatory approval and other customary closing conditions.