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FLEETCOR to Acquire AFEX to Strengthen Corporate Payments Business
Monday 21 September 2020

Atlanta-based business payments company FLEETCOR Technologies, Inc. has agreed to acquire global payment and risk management solutions specialist Associated Foreign Exchange (AFEX), to complement Cambridge Global Payments' cross-border business, the company said.

Terms of the transaction, expected to close in 1Q21, were not disclosed.

By acquiring AFEX, FLEETCOR will build upon its corporate payments line of business and strengthen its position as one of the largest business payments companies in the world.

Both companies offer ERP integrated cross border payment and risk management solutions to businesses.

Eversheds Sutherland provided legal counsel to FLEETCOR. Greenberg Traurig provided legal counsel to AFEX, and BofA Securities provided strategic and financial advice to AFEX.

FLEETCOR Technologies' (NYSE: FLT) portfolio of brands help companies automate, secure, digitise and control payments on behalf of their employees and suppliers. FLEETCOR serves businesses, partners and merchants in North America, Latin America, Europe, and Asia Pacific.

AFEX is a cross-border payment solutions provider, offering a comprehensive range of global payment, foreign exchange, and risk management services.
Date Published: 21/09/2020