Advances towards closing of the transaction and establishing WEX’s
presence in the European fuel card market
SOUTH PORTLAND, Maine--(BUSINESS WIRE)--Jul. 17, 2014--
WEX
Inc. (NYSE: WEX), a leading provider of corporate payment solutions,
today announced the execution of the definitive purchase and sale
agreement relating to the previously announced proposed acquisition of
ExxonMobil’s European commercial fuel card (“Esso Card”) program through
a majority owned joint venture, WEX Europe Services Limited. In
addition, all necessary regulatory approvals have been received and the
employee information and consultation processes have been cleared. The
transaction is on track and is expected to close in late 2014 or early
2015.
“The purchase of the Esso Card portfolio remains an important element to
building our on-the-ground presence in the European market, and enhances
WEX’s long-term growth profile. Our efforts to advance this transaction
remain on track and position us to create a substantial and profitable
European footprint,” said Melissa Smith, WEX’s president and chief
executive officer.
About WEX Inc.
WEX Inc. (NYSE: WEX) is a leading provider of corporate payment
solutions. From its roots in fleet card payments beginning in 1983, WEX
has expanded the scope of its business into a multi-channel provider of
corporate payment solutions representing more than 7.8 million
cardholders and offering exceptional payment security and control across
a wide spectrum of business sectors. The Company’s operations
include WEX Bank, Fleet One, Pacific Pride, rapid! PayCard, WEX
Australia, WEX New Zealand and WEX Europe, as well as a majority equity
position in WEX Europe Services and UNIK S.A., Brazil. WEX and its
subsidiaries employ more than 1,400 associates. For more information
about WEX, please visit www.wexinc.com.
Forward-Looking Statements
This news release contains forward-looking statements, including
statements regarding WEX’s plans to acquire ExxonMobil’s European
commercial fuel card, or Esso Card, program and the timing of any such
acquisition; future financial performance of the ExxonMobil’s European
commercial fuel card, or Esso Card, program and the related underlying
assumptions; management’s expectations for future growth opportunities;
the expected closing date of the transaction; and, confidence in future
performance. Any statements that are not statements of historical facts
may be deemed to be forward-looking statements. When used in this news
release, the words "may," "could," "anticipate," "plan," "continue,"
"project," "intend," "estimate," "believe," "expect" and similar
expressions are intended to identify forward-looking statements,
although not all forward-looking statements contain such words. These
forward-looking statements are subject to a number of risks and
uncertainties that could cause actual results to differ materially,
including: the effects of general economic conditions; the effects of
the Company’s business expansion and acquisition efforts; the Company’s
failure to successfully integrate the acquired business; the Company's
failure to consummate previously announced business plans; the Company’s
failure to maintain or renew key agreements; failure to expand the
Company’s technological capabilities and service offerings as rapidly as
the Company’s competitors; the impact of foreign currency exchange rates
on the Company’s operations, revenue and income; changes in interest
rates; the impact of the Company’s outstanding debt on its operations;
the incurrence of impairment charges if our assessment of the fair value
of certain of our reporting units changes; the uncertainties of
litigation; as well as other risks and uncertainties identified in Item
1A. of the Company's annual report on Form 10-K filed with
the Securities and Exchange Commission on February 27, 2014 and the
Company's subsequent periodic and current reports. The Company's
forward-looking statements and these factors do not reflect the
potential future impact of any other alliance, merger, acquisition,
disposition or stock repurchases. The forward-looking statements speak
only as of the date of this news release and undue reliance should not
be placed on these statements. The Company disclaims any obligation to
update any forward-looking statements as a result of new information,
future events or otherwise.
Source: WEX Inc.
WEX Inc.
News media contact:
Jessica Roy, 207-523-6763
Jessica.Roy@wexinc.com
or
Investor
Relations contact:
Michael E. Thomas, 207-523-6743
Michael.Thomas@wexinc.com