Wright Express Soars on Acquisition

Shares of Wright Express ($WXS) are up strongly today on the news that the company is buying fuel card provider Fleet One for $369 million. The stock was also upgraded to a Buy from Neutral at Janney Capital Markets.

Payment processor Wright Express Corp agreed to buy fuel card provider Fleet One from private equity firms LLR Partners and FTV Capital for $369 million in cash.

The deal is expected to immediately add to the company’s adjusted net income and will likely generate about $100 million in present value of tax benefits for Wright Express.

Wright Express said it will finance the deal through its existing credit facility.

The stock is up about 7.5% today.

Posted by on September 6th, 2012 at 9:54 am


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