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Stock Market & Financial Investment News

News Breaks
December 3, 2012
16:08 EDTFLTFleetCor says completed share repurchase to be accretive to FY12 EPS by 13c
FleetCor Technologies announced that it has completed its previously announced purchase of approximately 3.85M shares of FleetCor common stock at $51.91 per share pursuant to a share repurchase agreement with certain of its private equity shareholders associated with Summit Partners and Bain Capital. “On a pro forma basis, using actual results through September 30 and our prior guidance, the repurchase is expected to be accretive to full-year 2012 earnings by approximately 13c per diluted share,” said Ron Clarke, chairman and chief executive officer, FleetCor Technologies, Inc. “We believe that buying back shares from our legacy investors will help to reduce the share overhang and leaves us sufficient liquidity to execute our acquisition plans.” The share repurchase was effected in a private transaction and FleetCor funded the $200 million aggregate purchase price with borrowings under its credit facilities.
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16:12 EDTFLTFidelity National announces sale of Ceridian to FleetCor to $3.45B
Fidelity National Financial Ventures (FNFV), a tracking stock established to highlight the inherent value of the portfolio company investments of Fidelity National Financial (FNF), announced that Ceridian LLC has reached an agreement to sell Comdata Into FleetCor (FLT) for total consideration of approximately $3.45B. After repayment of existing Comdata indebtedness and transaction related expenses, total consideration received by Ceridian LLC will be approximately $950M, which will be paid in shares of FleetCor common stock. FNFV owns approximately 32% of Ceridian LLC. Approximately $250M of the common stock of FleetCor will be placed in an escrow account to cover potential indemnity claims as set forth in the merger agreement. The escrowed shares will be released over a three-year period. FNFV will indirectly own approximately 2.3M shares of FleetCor common stock valued at approximately $300M based on FleetCor's closing stock price of $131.54 on August 11. The transaction is subject to customary closing conditions, including receipt of HSR approval and other governmental approvals with respect to Comdata's money transmitter license business. Closing is expected in December 2014.
16:06 EDTFLTFleetCor sees Comdata acquisition adding 50c-60c to 2015 EPS
Based on FleetCor’s preliminary estimates for the core business in 2015, current expectations for accretion from the Comdata acquisition, and anticipated financing terms to fund the acquisition, the company is making the following 2015 projections: Comdata contributing 50c-60c adjusted net income per diluted share; FleetCor consolidated adjusted net income per diluted share of $6.25-$6.45. FleetCor’s FY15 guidance assumptions are as follows: Comdata closing by the end of December 2014; Full year tax rate of 31.4%; Fully diluted shares outstanding of 95 million shares; No impact related to acquisitions or material new partnership agreements not already disclosed; Excludes impact of SVS as we continue to evaluate the business fit with FleetCor.
16:04 EDTFLTFleetCor acquires Comdata from Ceridian for $3.45B
FleetCor Technologies (FLT) announced that it has signed a definitive agreement to acquire Comdata from Ceridian LLC, a portfolio company of funds affiliated with Thomas H. Lee Partners and Fidelity National Financial (FNF), for $3.45B. Concurrent with the closing of the acquisition, a representative from THL will be appointed to the FleetCor board of directors. Comdata is a business-to-business provider of innovative electronic payment solutions. FleetCor will finance the $3.45B acquisition with approximately $2.4B of new debt and the issuance of approximately 7.3M shares of FleetCor common stock to Ceridian LLC. The cash payments will be used to pay off Comdata’s outstanding indebtedness. "We expect the acquisition to be meaningfully accretive to earnings in fiscal year 2015. While our financial leverage will increase, we expect to de-lever quickly from the combined cash flow of the businesses,” said Eric Dey, CFO of FleetCor. "The new credit facility will also provide additional liquidity for future business development activity."
16:02 EDTFLTFleetCor acquires Comdata for $3.45B

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