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World Fuel Services Closes Acquisition of Feet Fueling Provider Flyers Energy Group.

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MANews-(C)2009-2022

A wholly-owned subsidiary of US-based energy management company World Fuel Services Corp. (NYSE: INT) has closed the acquisition of US-based fleet fueling, fuel supply and lubricants distribution provider Flyers Energy Group from the Dwelle family, the company said.

The total purchase price for the acquisition will be approximately USD 775m, of which USD 675m will be paid at closing, consisting of cash and at the company's option, up to USD 50m of World Fuel Services common stock.

The remaining USD 100m will be paid in equal installments over the two years following completion of the transaction.

The transaction will be principally funded with cash-on-hand with the balance drawn from the company's revolving credit facility.

Flyers is headquartered in Auburn, California with 475 employees and 2021 estimated revenue of USD 2.4bn.

The company provides fleet fueling, fuel supply and lubricants distribution to more than 12,000 customers across the United States.

Flyers' national network of cardlock locations facilitates high volume - high frequency fueling to meet the needs of commercial fleets, 24 hours a day/365 days a year.

This acquisition is a reflection of World Fuel Services' ongoing strategy to accelerate growth in its core business activities, drive enhanced operating efficiencies and generate long-term shareholder value.

The addition of Flyers' cardlock network will also provide a highly efficient, low-cost...

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