Fleetcor Technologies, Inc. (NYSE: FLT), a leading global business payments company, completed the acquisition of Global Reach Group, a UK-based cross-border payments provider.
With the acquisition, FLEETCOR increases its cross-border payments scale and strengthens its position as a leading non-bank B2B global cross-border payments provider.
Global Reach Group facilitates international payments for customers of all sizes across a variety of industries. This acquisition bolsters FLEETCOR’s cross-border payments footprint in the UK, EU and Canada. Today, FLEETCOR processes cross-border payments in more than 145 currencies for approximately 27,000 customers worldwide.
“Since entering the cross-border payments space five years ago, we’ve built a market-leading cross-border payments business that will play an important role in our growth moving forward. The acquisition is expected to be immediately accretive in 2023,” said Ron Clarke, chairman and chief executive officer, FLEETCOR Technologies, Inc.
Mark Frey, FLEETCOR’s Group President of Cross-Border Solutions added, “We’re very excited to welcome Global Reach and its talented team to the FLEETCOR cross-border family under our Corpay brand. With the acquisition, we can better serve our customers while continuing to expand our presence in a number of core geographic markets.”
Jones Day provided legal counsel to FLEETCOR. Global Reach was advised by Eversheds Sutherland and Canaccord Genuity.