Corpay to Acquire Cross-Border Payments Company
19 Junho 2024 - 5:00PM
Business Wire
Accretive to revenue and EPS growth in
2025
Company reiterates Q2’24 outlook
Corpay, Inc. (NYSE: CPAY), a global corporate payments company,
today announced that it has signed a definitive agreement to
acquire GPS Capital Markets, LLC. GPS provides business-to-business
cross-border and treasury management solutions to upper middle
market companies, primarily in the US.
The transaction is expected to close in early 2025, subject to
regulatory approval and standard closing conditions.
“GPS is our third largest deal ever. We’re quite excited about
GPS’ assets including a blue-chip roster of clients, a team of
terrific FX specialists, and a market leading FX netting
technology,” said Ron Clarke, chairman and chief executive officer,
Corpay, Inc. “GPS presents significant revenue and expense
synergies and will be accretive to our 2025 cash EPS. This
acquisition puts us well on our way to scaling our Corporate
Payments business to nearly $2 billion by 2026.”
Following the acquisition, Corpay will process cross-border
payments for approximately 23,000 customers in more than 145
currencies across six continents.
Second Quarter of 2024 Outlook
Additionally, Corpay currently expects second quarter 2024
results to be in line with the midpoint of the financial guidance
provided in its earnings release on May 8, 2024. The company will
release its results for the second quarter in early August.
Conference Call
The Company will host a conference call to discuss the
acquisition of GPS at 4:30 pm ET on June 20, 2024. The conference
call will be webcast live from the Company's investor relations
website at http://investor.corpay.com. The conference call can also
be accessed live over the phone by dialing (877) 423-9813 or (201)
689-8573. A replay will be available one hour after the call and
can be accessed by dialing (844) 512-2921 or (412) 317-6671 for
international callers; the replay access ID is 13747282. The replay
will be available through June, 27, 2024. Prior to the conference
call, the Company will post a supplemental presentation that will
be discussed during the call and live webcast.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the federal securities laws. Statements that are not
historical facts, including statements about Corpay’s beliefs,
assumptions, expectations regarding the expected benefits and
timing of the proposed acquisition of GPS Capital Markets LLC and
other recently announced transactions and future performance
assuming the consummation of such transactions and future
performance, are forward-looking statements. Forward-looking
statements can be identified by the use of words such as
“anticipate,” “intend,” “believe,” “estimate,” “plan,” “seek,”
“project” or “expect,” “may,” “will,” “would,” “could” or “should,”
the negative of these terms or other comparable terminology.
These forward-looking statements are not a guarantee of
performance, and you should not place undue reliance on such
statements. We have based these forward-looking statements largely
on preliminary information, internal estimates and management
assumptions, expectations and plans about future conditions, events
and results. Forward-looking statements are subject to many
uncertainties and other variable circumstances, such as Corpay’s
ability to obtain regulatory approval and meet other closing
conditions to the proposed transaction (or other recently announced
transactions), potential adverse reactions or changes to business
relationships resulting from the announcement, pendency or
inability to complete the proposed transaction (or other recently
announced transactions) on the expected timeframe or at all;
Corpay’s inability to realize the expected benefits of the propose
transaction and other recently announced transactions, as well as
the other risks and uncertainties identified under the caption
"Risk Factors" in Corpay's Annual Report on Form 10-K for the year
ended December 31, 2023 filed with the Securities and Exchange
Commission (“SEC”) on February 29, 2024 and subsequent filings with
the SEC made by us. These factors could cause our actual results
and experience to differ materially from any forward-looking
statement made herein. The forward-looking statements included in
this press release are made only as of the date hereof and we do
not undertake, and specifically disclaim, any obligation to update
any such statements as a result of new information, future events
or developments, except as specifically stated or to the extent
required by law. You may access Corpay’s SEC filings for free by
visiting the SEC web site at www.sec.gov.
About Corpay
Corpay (NYSE: CPAY) is a global S&P 500 corporate payments
company that helps businesses and consumers manage and pay expenses
in a simple, controlled manner. Corpay’s suite of modern payment
solutions help its customers better manage vehicle-related expenses
(e.g. fueling and parking), travel expenses (e.g. hotel bookings)
and accounts payable (e.g. paying vendors). This results in our
customers saving time and ultimately spending less. Corpay –
Payments made easy. To learn more visit www.corpay.com
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version on businesswire.com: https://www.businesswire.com/news/home/20240619607489/en/
Investor Relations Jim Eglseder, 770-417-4697
Jim.Eglseder@corpay.com
Media Relations Chad Corley, 770-729-5021
Chad.Corley@corpay.com
Corpay (NYSE:CPAY)
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