Alston & Bird client Fleetcor Technologies, Inc., has signed a definitive agreement to acquire Cambridge Global Payments for about $675 million.
A global provider of fuel cards and workforce payment products to businesses, Fleetcor will use the acquisition to expand and accelerate its leadership in the international payments market. Toronto-based Cambridge processes more than $20 billion in business-to-business cross-border payments annually, helping 13,000 business clients make international payments to suppliers and employees.
The acquisition is expected to close in the third quarter of 2017, subject to regulatory approval and the satisfaction of customary closing conditions. It is the third major transaction acted on by Alston & Bird for Fleetcor in recent years, following the company’s $3.4 billion merger with Comdata in 2014 and its joint venture with First Data Corp. to combine the companies' gift card businesses, which was announced in March.
Advising Fleetcor is an Alston & Bird team led by partners Chris Baugher and Scott Kitchens and associate Ian Calhoun (M&A), assisted by partner Blake MacKay and associate Meredith Gage (Employee Benefits & Executive Compensation), partner Scott Harty (Federal & International Tax), partners Cliff Stanford and Christy Young (Bank Regulatory), partner Alice Yurke (Derivatives & Structured Products), partner John Coalson (Unclaimed Property), partner Tom Feddo (International Trade & Regulatory), partner David Stewart and counsel Helen Christakos (Intellectual Property), partner John Snyder and associate Hilla Shimshoni (Antitrust), partner Kevin Gooch (Finance), partner Teri McMahon and associates Eric Rostami-Bryan and Matt Strumph (Corporate & Business Transactions), senior associate Michael Giovannini (State & Local Tax), and senior associate Chris Huffaker and associate Sam Boro (Financial Services & Products).