Commercial card solutions provider WEX has announced the completed takeover of Go Fuel Card, first revealed earlier this year.
In a press release issued Monday (July 1), WEX said its acquisition of Go Fuel Card, the fleet card business of EG Group, is complete, expanding WEX's presence across the Netherlands, France, Belgium and Luxembourg. Go Fuel Card operates its proprietary card network, with cards accepted at several thousand retail locations in the region.
WEX first announced in March that it planned to take over Go Fuel Card as part of its strategy to strengthen its European operations.
“The addition of the Go Fuel Card business will strengthen our position in Europe by expanding our footprint in attractive markets, and broadening our card acceptance through an independent, proprietary card network,” said Scott Phillips, WEX’s president of Global Fleet, in a statement at the time.
“I am also extremely excited about the opportunity to partner with EG Group, and expand our fleet business throughout EG locations in the U.S., Europe and Australia,” he continued. “This is an attractive business that projects further reductions to our sensitivity for retail fuel prices, while providing us a strong pathway for organic growth and value creation over time.”
Financial terms of the agreement were not disclosed.
Partnerships, mergers and acquisitions (M&A) are key strategies for WEX to fuel global growth. In April, the company announced a collaboration with Australia’s Octet, a supply chain technology firm, in a deal that enables small businesses to use WEX virtual credit cards to pay vendors on the Octet platform.
Earlier this year, WEX completed the takeover of Noventis, a corporate bill payments company targeted by WEX to expand its business payments network, and strengthen its position in the accounts payable and electronic corporate payments space.