WEX To Buy Assets Of ExxonMobil's European Commercial Fuel Card

(RTTNews) - WEX Inc. (WEX), Friday said it intends to buy the assets of ExxonMobil's European commercial fuel card, 'Esso Card', program, through a majority owned joint venture, WEX Europe Services Limited. The expected deal is subject to to completion of the employee information and consultation processes, and necessary authority approvals. Post completion of the process, WEX plans to enter into a definitive purchase and sale agreement with ExxonMobil, with respect to the proposed offer.

WEX said it expects investments relating to the integration of operations and systems, to impact 2014 earnings by $10 to $13 million, after taxes. The financial terms of the deal were not disclosed.

Additionally, both the companies plan to enter into a long term supply agreement to serve the current and future Esso Card customers, and to develop their business.

The deal closure is expected in late fourth quarter of 2014 or first quarter of 2015. After completion of the deal, WEX estimates that Esso Card program assets will add up to about $35 million in annual revenues.