World Fuel Services Corporation to Acquire Assets of Multi Service Corporation Business Wire MIAMI -- December 17, 2012 World Fuel Services Corporation (NYSE: INT) announced today that it has signed a definitive agreement to acquire select assets of Multi Service Corporation (“Multi Service”) for a purchase price of approximately $137 million. Multi Service is a global transaction management company specializing in fleet, government and commercial payment programs primarily through closed-loop networks. The purchase price will be principally funded through the company’s existing credit facilities. Multi Service is headquartered in Overland Park, Kansas and has 360 employees. Multi Service, which processes more than eight million transactions annually, also maintains offices in the Netherlands and Australia. The Multi Service product offering includes the Multi Service Fuel Card, accepted at more than 3,500 truck stops in the United States and Canada, Multi Service Tolls, payment solutions for tolls, bridges and tunnels across Europe, government payment systems for global fuel procurement, and commercial payment programs in the transportation and retail industries. “We look forward to welcoming the Multi Service team to World Fuel,” stated Michael J. Kasbar, president and chief executive officer of World Fuel Services Corporation. “Multi Service will significantly expand our existing payment processing business and will further help us leverage technology across our global platform.” “We are excited to be joining a company with the reputation and financial strength of World Fuel. The ability to leverage World Fuel’s global capabilities and presence should accelerate our growth opportunities throughout the world,” stated Mark O’Connell, president of Multi Service. The transaction is expected to be $0.12 to $0.16 accretive to earnings on a GAAP basis in the first twelve months. Non-GAAP accretion, which excludes amortization of acquired intangible assets of approximately $0.04 per share, is expected to be $0.16 to $0.20 in the first twelve months. In conjunction with this acquisition, the company will record one-time transaction-related expenses of approximately $2.8 million in the fourth quarter of 2012. “Multi Service is expected to produce positive cash flow of $15 to $20 million in 2013,” said Ira M. Birns, executive vice president and chief financial officer of World Fuel Services Corporation. “The addition of the Multi Service platform, which will principally be reported as part of our land segment, will create expanded growth opportunities across all of our businesses.” The transaction is subject to customary closing conditions and is expected to be completed within the next thirty days. Information Relating to Forward-Looking Statements With the exception of historical information in this news release, this document includes forward-looking statements that involve risks and uncertainties, including, but not limited to, quarterly fluctuations in results, the creditworthiness of customers and counterparties and our ability to collect accounts receivable, fluctuations in world oil prices or foreign currency, changes in political, economic, regulatory, or environmental conditions, adverse conditions in the markets or industries in which we or our customers operate, our failure to effectively hedge certain financial risks associated with the use of derivatives, non-performance by counterparties or customers on derivatives contracts, the integration of acquired businesses, uninsured losses, our ability to retain and attract senior management and other key employees and other risks detailed from time to time in the company’s Securities and Exchange Commission filings. Actual results may differ materially from any forward-looking statements set forth herein. About World Fuel Services Corporation Headquartered in Miami, Florida, World Fuel Services is a leading global fuel logistics company, principally engaged in the marketing, sale and distribution of aviation, marine and land fuel products and related services on a worldwide basis. World Fuel Services sells fuel and delivers services to its clients at 6,000 locations in more than 200 countries and territories worldwide. The company's global team of market makers provides deep domain expertise in all aspects of aviation, marine and land fuel management. Aviation customers include commercial airlines, cargo carriers, private aircraft and fixed base operators (FBO’s), as well as the United States and foreign governments. World Fuel Services' marine customers include international container and tanker fleets, cruise lines and time-charter operators, as well as the United States and foreign governments. Land customers include petroleum distributors, retail petroleum operators, and industrial, commercial and government accounts. For more information, call 305-428-8000 or visit www.wfscorp.com. Contact: World Fuel Services Corporation Ira M. Birns, 305-428-8000 Executive Vice President & Chief Financial Officer
World Fuel Services Corporation to Acquire Assets of Multi Service Corporation
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