An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
FLEETCOR Technologies, Inc. (NYSE: FLT) announced the sale of its Russia business to a local investment group, divesting all operations in Russia. The company also launched a $450 million Accelerated Share Repurchase (ASR) program with Bank of America, N.A. to repurchase shares of common stock. Approximately 80% of the shares expected to be repurchased will be received by FLEETCOR on August 21, 2023, with the total number of shares ultimately repurchased to be determined upon final settlement. The ASR is anticipated to be completed by the end of the third quarter of 2023.
Positive
The sale of the Russia business aligns with FLEETCOR's strategic decision to exit the market, potentially reducing exposure to geopolitical risks and focusing on other growth opportunities.
The $450 million ASR program demonstrates FLEETCOR's confidence in its financial position and commitment to enhancing shareholder value through stock repurchases.
Negative
None.
Launches $450 Million Accelerated Share Repurchase
ATLANTA--(BUSINESS WIRE)--
FLEETCOR Technologies, Inc. (NYSE: FLT), a leading global business payments company, today announced the sale of its Russia business to a local investment group. The transaction divests all of FLEETCOR’s operations in Russia.
“We concluded the sale of our Russia business this week and are now completely out of the market. We are also announcing the launch of a $450 million ASR to buyback FLEETCOR stock,” said Ron Clarke, Chairman and CEO of FLEETCOR Technologies, Inc.
The company also announced that it has entered into an Accelerated Share Repurchase (“ASR”) program with Bank of America, N.A. to repurchase shares of common stock under its current share repurchase authorization. Approximately 80 percent of the shares expected to be repurchased under the transaction will be received by FLEETCOR on August 21, 2023. The total number of shares ultimately repurchased under the program will be determined upon final settlement and will be based on a discount to the volume-weighted average price of FLEETCOR’s common stock during the ASR period. FLEETCOR anticipates that all repurchases under the ASR will be completed by the end of the third quarter of 2023.
Terms of the sale were not disclosed.
About FLEETCOR®
FLEETCOR Technologies (NYSE: FLT) is a leading global business payments company that helps businesses spend less by providing innovative solutions that control expense-related purchasing and payment processes. The FLEETCOR portfolio of brands automate, secure, digitize and manage payment transactions on behalf of businesses across more than 100 countries in North America, Latin America, Europe, and Asia Pacific. For more information, please visit www.FLEETCOR.com.
What did FLEETCOR Technologies, Inc. (NYSE: FLT) announce?
FLEETCOR announced the sale of its Russia business to a local investment group and the launch of a $450 million Accelerated Share Repurchase (ASR) program.
When will FLEETCOR receive approximately 80% of the shares expected to be repurchased under the ASR program?
FLEETCOR will receive approximately 80% of the shares on August 21, 2023.
When is the ASR program anticipated to be completed?
The ASR program is anticipated to be completed by the end of the third quarter of 2023.
fleetcor is a leading global provider of fuel cards and specialized payment products to businesses. fleetcor's payment programs enable businesses to better control employee spending and provide card-accepting merchants with a high volume customer base that can increase their sales and customer loyalty. fleetcor serves over 500,000 commercial accounts with millions of cardholders across the united states, canada, mexico, europe, africa and asia. for more information, please visit www.fleetcor.com. we have developed an extremely successful company based on our core principles; determination, drive, outstanding value, industry leading products, and quality people. as a result fleetcor has grown more than 40% over the last 10 years and is the world's largest provider of commercial fleet card programs. through our organic growth initiatives, strategic acquisitions, and solid business acumen, that growth will continue. to maintain our top position in the industry, it is vital to continual
