FleetCor Acquires GE Capital's Australian Fuel Card Business
FleetCor Technologies, Inc. (FLT), a global provider of fuel cards and workforce payment programs to businesses, announced that it has acquired certain fuel card assets from GE Capital Australia’s Custom Fleet leasing business.
GE Capital’s “Fleet Card” is a multi-branded fuel card product with acceptance in over 6,000 fuel outlets and over 7,000 automotive service and repair centers across Australia. Through this transaction, FleetCor will acquire the Fleet Card product, brand, acceptance network contracts, supplier contracts, and approximately one-third of the customer relationships with regard to fuel cards. The remaining customer relationships will be retained by Custom Fleet, and are comprised of companies which have commercial relationships with Custom Fleet beyond fueling, such as fleet management and leasing.
In conjunction with the transaction, FleetCor and GE Capital will enter into a long-term agreement under which FleetCor will provide fuel card processing and network services to support Custom Fleet’s retained Fleet Card customer portfolio. Custom Fleet will continue to market FleetCor’s co-branded Fleet Cards as part of Custom Fleet’s bundled fleet management and leasing product offering.