Acquisition Named Foreign Inbound Deal of the Year
TORONTO, March 16, 2018 /CNW/ - FLEETCOR Technologies, Inc. (NYSE: FLT), a leading global provider of commercial payment solutions, today announced that the Company has been recognized by the Canadian Dealmakers in the category of Foreign Inbound Deal of the Year. This award is related to its acquisition of Cambridge Global Payments, a leading B2B international payments provider based in Toronto. The Canadian Dealmakers Awards, a joint venture between Deloitte, The Globe and Mail, Lexpert and Thomson Reuters, recognizes those who have made a significant contribution to the Canadian M&A market in the past year.
FLEETCOR completed the acquisition of Cambridge in August 2017 for approximately $690 million. By acquiring Cambridge, FLEETCOR entered the $145 billion B2B cross-border payments market, adding a complementary international component to FLEETCOR's domestic payment processing system. The addition of Cambridge's global corporate payments capabilities enables FLEETCOR to pay both domestic and international AP payments for the same client, a significant differentiator in the commercial marketplace.
"We are honored to be recognized as the Foreign Inbound Deal of the Year by Canadian Dealmakers for our acquisition of Cambridge," said Ron Clarke, Chairman and Chief Executive Officer. "The award is a great accomplishment for our Corporate Development team, who continues to do a tremendous job of identifying and acquiring businesses that add value to our company and its shareholders."
"Advising FLEETCOR on the Cambridge transaction was a privilege," said Scott Kitchens, Partner at Alston & Bird LLP. "This transaction brought to bear Alston & Bird's deep payments expertise and cross-border experience from the beginning all the way through closing. We are thrilled FLEETCOR is receiving this honor."
"We are very pleased to congratulate FLEETCOR on being named Foreign Inbound Deal of the Year. This is one of Canada's biggest fintech deals to date and we're delighted the exceptional work of FLEETCOR's corporate development team has been recognized," said Jake Gilbert, Partner at Blake, Cassels & Graydon LLP.
FLEETCOR was advised in the transaction by Alston & Bird LLP; Aon Transaction Solutions; Blake, Cassels & Graydon LLP; Deloitte; and Ernst & Young. Cambridge was advised by Morgan, Lewis & Bockius LLP; Dickinson Wright PLLC; Financial Technology Partners LP and KPMG LLP.
About FLEETCOR FLEETCOR Technologies (NYSE: FLT) is a leading global provider of commercial payment solutions. The Company helps businesses of all sizes better control, simplify and secure payment of their fuel, toll, lodging and general payables. With its proprietary payment networks, FLEETCOR provides affiliated merchants with incremental sales and loyalty. FLEETCOR serves businesses, partners and merchants in North America, Latin America, Europe, and Australasia. For more information, please visit http://www.fleetcor.com/.
About Cambridge Global Payments Cambridge Global Payments is a leading provider of integrated B2B cross-border payment services. As a trusted partner 25 years, Cambridge delivers innovative solutions designed to address the unique international payment needs of businesses. Cambridge's award-winning capabilities and industry-leading technologies simplify the way businesses connect with the global marketplace. As one of the largest bank-independent providers globally, Cambridge is flexible and responsive, with offices across North America, Europe, and Australia. For more information, please visit www.cambridgefx.com.