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World Fuel Services Corporation to Acquire Assets of Multi Service Corporation

  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
 
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