Fintech
Corpay to acquire cross-border payments company
corporate, Inc. (NYSE: CPAY), a global corporate payments company, today announced that it has signed a definitive agreement to acquire Capital Markets GPS, LLC. GPS provides cross-border management and business-to-business treasury solutions to upper middle market companies, primarily in the United States.
The transaction is expected to close in early 2025, subject to regulatory approval and standard closing conditions.
“GPS is our third largest deal ever. We’re pretty excited about GPS’s assets, including a blue-chip client roster, a team of amazing FX specialists and market-leading FX clearing technology,” said Ron Clarke, president and chief executive officer of Corpay, Inc. “GPS has significant revenue and expense synergies and will be accretive to our cash EPS in 2025. This acquisition puts us on track to expand our corporate payments business to nearly $2 billion by 2026.”
Following the acquisition, Corpay will process cross-border payments for approximately 23,000 customers in more than 145 currencies across six continents.
Outlook for the second quarter of 2024
Additionally, Corpay currently expects its second quarter 2024 results to be in line with the midpoint of the financial guidance provided in its May 8, 2024 earnings release. The company will release results for the second quarter in early August.
Telephone conference
The Company will host a conference call to discuss the GPS Acquisition at 4:30 PM ET on June 20, 2024. The conference call will be webcast live from the Company’s investor relations website at http://investor.corpay .com. The conference call can also be accessed live via telephone by dialing (877) 423-9813 or (201) 689-8573. An answer will be available one hour after your call and can be accessed by dialing (844) 512-2921 or (412) 317-6671 for international calls; Replay login ID is 13747282. Replay will be available through June 27, 2024. Prior to the conference call, the Company will issue a supplemental presentation that will be discussed during the call and live webcast.