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Stock Market & Financial Investment News

News Breaks
June 4, 2014
08:38 EDTFLTFleetCor, Summit Partners acquire Masternaut
Summit Partners announced a joint venture with FleetCor to acquire Masternaut Group, Europe's largest provider of telematics solutions to commercial fleets, from Francisco Partners. Masternaut's management team, led by CEO Martin Hiscox, will continue to operate the business and remain shareholders in the company.
News For FLT From The Last 14 Days
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August 13, 2014
12:07 EDTFLTOn The Fly: Midday Wrap
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August 12, 2014
19:02 EDTFLTOn The Fly: After Hours Movers
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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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