FLEETCOR expands with Global Reach acquisition 06 January 2023US Reporter: Lucy Carter
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Global business payments company FLEETCOR Technologies (FLEETCOR) has completed its acquisition of cross-border payments provider Global Reach Group (Global Reach). The company will form a part of FLEETCOR’s Corpay brand.
Global Reach’s presence in the UK, Canada, Spain and the Netherlands will allow FLEETCOR to access a wider market and strengthen its position in the industry. The company already processes cross-border payments for approximately 27,000 customers, operating in more than 145 currencies.
Legal counsel was provided to FLEETCOR by Jones Day, while Global Reach was advised by Eversheds Sutherland and Canaccord Genuity.
Ron Clarke, chairman and CEO of FLEETCOR, says: “Since entering the cross-border payments space five years ago, we’ve built a cross-border payments business that will play an important role in our growth moving forward. The acquisition is expected to be immediately accretive in 2023.”
Mark Frey, group president of cross-border solutions at FLEETCOR, comments: “We’re very excited to welcome Global Reach to the FLEETCOR cross-border family. With the acquisition, we can better serve our customers while continuing to expand our presence in a number of core geographic markets."
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