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SEARCHFleet fuel card provider FleetCor Technologies will acquire competitor Comdata for $3.45 billion under an agreement announced last week.
Fleet fuel card provider FleetCor Technologies will acquire competitor Comdata for $3.45 billion under an agreement announced last week.
FleetCor would acquire Comdata from Ceridian, a portfolio company of funds affiliated with Thomas H. Lee Partners and Fidelity National Financial. FleetCor will add a THL representative to its board of directors.
Comdata is a fleet fuel card issuer and payment processor with more than 20,000 mostly fleet customers.
FleetCor is financing the deal with about $2.4 billion in new debt and about 7.3 million shared of FleetCor common stock to Ceridian. The cash payments will be used to pay off Comdata's existing debt.
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