Corporate payments firm Fleetcor Technologies has struck a deal to buy London-based cross-border payments company Global Reach Group.
The deal is said to boost Fleetcor’s cross-border payments scale and is anticipated to add to its earnings in 2023.
It is also expected to help reinforce its position as one of the largest non-bank global cross-border firms.
Financial terms of the transaction, which awaits regulatory nod, were not shared.
Established in 2001, Global Reach Group also has operations in Canada, Spain, and the Netherlands.
Slated to complete in the fourth quarter of this year, the deal is said to offer an ‘overlapping footprint’ to Fleetcor’s existing cross-border payments operations.
Jones Day served as the legal counsel to FLEETCOR for the transaction.
For Global Reach, Eversheds Sutherland was the legal counsel while Canaccord Genuity served as the strategic and financial adviser.
Commenting on the takeover, Fleetcor chairman and CEO Ron Clarke said: “Global Reach is a fantastic addition to our existing cross-border business that can be quickly integrated into our global business.
“We anticipate the deal to be immediately accretive post-close with additional synergies to layer in during year two.”
The latest deal follows Fleetcor’s acquisition of airline software firm Levarti in March this year.
Levarti’s MAX apps offer travellers an end-to-end digital experience covering check-in, contactless payments, along with baggage claim.
In 2020, Fleetcor announced the purchase of London-based cross-border payment solutions firm Associated Foreign Exchange (AFEX).