Fleetcor acquires Global Reach Group
Fleetcor, a US-based B2B payments company, has signed a definitive agreement to acquire a UK-based cross-border payments firm, Global Reach Group. With this acquisition, the company hopes to position itself and scale as one of the largest non-bank providers in the world. As per the company, it is expected to close this by the fourth quarter of 2022, subject to regulatory approval and standard closing conditions.
As noted by Ron Clarke, chairman and chief executive officer, FLEETCOR Technologies, Inc, the acquisition deal is ‘to be immediately accretive post-close with additional synergies to layer in during year two’.
Last year, the Federal Trade Commission sues Fleetcor for its dishonest practices.
In the acquisition deal, Jones Day provided legal counsel to FLEETCOR while Eversheds Sutherland provided legal counsel to Global Reach, and Canaccord Genuity provided strategic and financial advice to Global Reach.
The company last year in two separate acquisitions had acquired AP platform Roger and Nvoicepay.
Global Reach Group is headquartered in London and has a presence in Canada, Spain and the Netherlands. The company provides foreign exchange, international payments, risk management and hedging solutions to corporate and institutional clients.