B2B Payments

FleetCor Looks To Buy Payments Processing Firm For $3 Billion

Fuel card provider and workforce payment products company FleetCor is reportedly in talks to purchase payments processing firm Comdata for more than $3 billion, according to a Reuters report. FleetCor is looking to make the buy along with other buyout firms, including Carlyle Group LP and Silver Lake Partners LP.

Should FleetCor take over Comdata, it would represent one of FleetCor’s largest deals and expand its capabilities in electronic payment processing, Reuters explained.

However, Thomas H. Lee, FleetCor, Silver Lake and Carlyle declined to comment. Fidelity National Financial and Comdata did not respond the news source’s requests for comment. The sources that did speak with Reuters asked not to be identified because the matters are private.

This is the latest in a long line of acquisitions made this year having to do with payments processing companies. At the end of May, Intuit agreed to buy Check for $360 million. Intuit is the developer of tax-preparation software TurboTax, while Check Inc is a bill-payment service. Check’s smartphone app has been downloaded by more than 10 million people and sends reminders about bills as their due dates approach, while also monitoring bank accounts and credit cards.

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