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Payments General

FleetCor agrees to buy Comdata for almost USD 3.45 bln

Friday 15 August 2014 | 11:23 AM CET

FleetCor Technologies, a provider of fuel cards and workforce payment products, has entered an agreement for the purchase of payments business Comdata from Ceridian for about USD 3.45 billion.
 

FleetCor said it would finance the transaction with about USD 2.4 billion of new debt and the issuance of about 7.3 million common shares.

Recently, FleetCor reported that its second-quarter profit rose 21%. The company raised its 2014 guidance for adjusted earnings per share to USD 5.04 to USD 5.10, from a previous range of USD 4.97 to USD 5.07.

US-based Comdata processes purchases, payroll and accounts payable for companies in a range of industries.

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