World Fuel Services to Buy Assets of Multi Service Corp. for $137M
World Fuel Services Corporation (NYSE: INT) announced today that it has signed a definitive agreement to acquire select assets of Multi Service Corporation (“Multi Service”) for a purchase price of approximately $137 million. Multi Service is a global transaction management company specializing in fleet, government and commercial payment programs primarily through closed-loop networks. The purchase price will be principally funded through the company's existing credit facilities.
Multi Service is headquartered in Overland Park, Kansas and has 360 employees. Multi Service, which processes more than eight million transactions annually, also maintains offices in the Netherlands and Australia. The Multi Service product offering includes the Multi Service Fuel Card, accepted at more than 3,500 truck stops in the United States and Canada, Multi Service Tolls, payment solutions for tolls, bridges and tunnels across Europe, government payment systems for global fuel procurement, and commercial payment programs in the transportation and retail industries.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.