As part of the agreement, FLEETCOR has appointed Rahul Gupta to the Company’s Board of Directors and will add another one – in agreement with the D. E. Shaw Group – to the ad hoc Strategic Review Committee.

The measure will strengthen the diversity of the Board as well as deepen its skillset in technology and financial oversight.

In addition, FLEETCOR will review its portfolio and business framework to drive enhanced shareholder value. Possible outcomes involve splitting one or more of the company’s businesses into separate entities.

FLEETCOR will prioritise the assessment and complete the portfolio review by the end of 2023.

Reactions to the deal

Chairman and CEO of FLEETCOR Ron Clarke welcomed Rahul Gupta’s appointment to “our Board” and showcased enthusiasm about any “new perspectives that will help shape our path forward”.

Michael O’Mary, managing director at D. E. Shaw, commented: “We appreciate our constructive engagement with Ron and the FLEETCOR Board, along with the addition of Rahul Gupta to the Board

“We are pleased that the company will explore portfolio alternatives to highlight the strength of each of its underlying businesses with the goal of unlocking substantial value for all shareholders. We look forward to our continued collaborative dialogue with the Company”, O’Mary continued.

FLEETCOR is a provider of fuel cards and workforce payment products. Last August, the company acquired Accrualify, an accounts payable (AP) automation software company.

The deal expanded FLEETCOR’s suite of payments solutions and corporate payments platform capabilities.

The acquisition helped companies automate the complete procure-to-pay (P2P) process from purchase request to payment.