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WEX Announces Plans to Acquire ExxonMobil’s European Commercial Fuel Card Program



  WEX Announces Plans to Acquire ExxonMobil’s European Commercial Fuel Card
  Program

Business Wire

SOUTH PORTLAND, Maine -- November 8, 2013

WEX Inc. (NYSE: WEX), a leading provider of corporate payment solutions, today
announced that it plans to acquire the assets of ExxonMobil’s European
commercial fuel card (“Esso Card”) program through a majority owned joint
venture, WEX Europe Services Limited. The anticipated transaction is subject
to completion of the employee information and consultation processes, and
obtaining of competition authority approvals, as appropriate. Upon completion
of the employee information and consultation process, WEX expects to enter
into a definitive purchase and sale agreement related to the proposed
acquisition with ExxonMobil. In addition, both parties plan to enter into a
long term supply agreement to serve the current and future Esso Card customers
and to grow the business.

“Today’s announcement represents a significant milestone for WEX, as building
our on-the-ground presence in the European market has been a key element to
our international expansion strategy. The addition of the Esso Card program to
our offering will establish our presence in the European fuel card market.
Once completed, we expect that it will allow WEX to leverage an existing
infrastructure, creating a substantial and profitable European footprint to
develop and grow our European fleet card business,” said Michael E. Dubyak,
WEX chairman and chief executive officer.

Under the terms of the proposed transaction, WEX will purchase ExxonMobil’s
commercial fleet fuel card program which includes operations, funding,
pricing, and sales and marketing in nine countries in Europe.

In anticipation of an expected closing in late fourth quarter 2014 or first
quarter 2015, WEX will make investments relating to the integration of
operations and systems. It is anticipated that these investments will occur
over a two year period, and are expected to impact 2014 earnings by ten to
thirteen million dollars after taxes. Upon completion of the deal, WEX
estimates this portfolio will contribute approximately $35 million in annual
revenue.

Forward-Looking Statements
This news release contains forward-looking statements, including statements
regarding: the anticipated acquisition of the ExxonMobil European commercial
fuel card (“Esso Card”) program assets; the anticipated revenue and expense
associated with the Esso Card program; the expected operational benefits of
any such acquisition; and, the timing related to the closing of such
acquisition. 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 on fueling
patterns and the commercial activity of fleets; the effects of the Company’s
business expansion and acquisition efforts; the Company’s failure to
successfully integrate the businesses it has acquired; the failure of
corporate investments to result in anticipated strategic value; the impact and
range of credit losses; breaches of the Company’s technology systems and any
resulting negative impact on our reputation, liability, or loss of
relationships with customers or merchants; fuel price volatility; 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 actions of regulatory bodies, including banking and
securities regulators, or possible changes in banking regulations impacting
the Company’s industrial bank and the Company as the corporate parent; 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
bonds on its operations; financial loss if the Company determines it necessary
to unwind its derivative instrument position prior to the expiration of a
contract; 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 March 1, 2013 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 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.

Conference Call Details
In conjunction with this announcement, WEX will host a conference call today,
November 8, at 9 a.m. (ET). The conference call will be webcast live on the
Internet, and can be accessed at the Investor Relations section of the WEX
website, http://www.wexinc.com. The live conference call also can be accessed
by dialing (866) 334-7066 or (973) 935-8463. A replay of the webcast will be
available on the Company's website.

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 7.6 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, Wright Express Australia, Wright Express New Zealand and
CorporatePay Limited, England, as well as a majority equity position in UNIK
S.A., Brazil. WEX and its subsidiaries employ more than 1,400 associates. For
more information about WEX, please visit www.wexinc.com.

Contact:

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
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