B2B Payments

FleetCor Takeover Looks To Bolster EU Performance

Shutterstock

Fuel cards provider FleetCor Technologies is ramping up operations through an acquisition.

Its takeover of Travelcard Nederland, announced on Thursday (Aug. 4), will strengthen its position in the EU market, the company said. The acquisition follows a deal to acquire Travelcard from its current owner, LeasePlan Corporation.

“We are excited to announce this transaction with LeasePlan, one of our most important partners,” said FleetCor Technologies Chairman and Chief Executive Officer Ron Clarke in a statement. “They have built a terrific business in Travelcard, and we welcome the Travelcard team to FleetCor.”

“This transaction supports our objective of establishing meaningful positions in the largest Continental European countries,” he continued. “We look forward to continuing Travelcard’s success and to marketing it more broadly to a wider audience.”

Travelcard issues fuel cards, provides additional fleet services to companies and operates across the Netherlands, Luxembourg and Belgium, according to reports.

The companies did not disclose financial details of the takeover, however, nor did they include information as to when they expect the deal to close.

FleetCor has provided impressive earnings results in recent months. Last year, the company also announced a collaboration with Uber, which has recently been strengthening its position within the corporate travel space. The deal sees FleetCor providing services to Uber drivers, like fuel discounts, while Uber can automate fuel purchases, reports said at the time.

——————————

New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

Click to comment

TRENDING RIGHT NOW