WEX to acquire ExxonMobils European Commercial Fuel Card Program

Monday 11 November 2013 08:57 CET | News

WEX, a provider of physical, digital and virtual corporate card payment solutions, has unveiled plans to acquire the assets of ExxonMobil’s European commercial fuel card (‘Esso Card’) program through a majority owned joint venture, WEX Europe Services Limited.

Under the terms of the proposed transaction, WEX will purchase ExxonMobil’s commercial fleet fuel card program which includes operations, funding, pricing, and sales and marketing in nine countries in Europe.

In anticipation of an expected closing in late Q4 2014 or Q1 2015, WEX will make investments relating to the integration of operations and systems. It is anticipated that these investments will occur over a two year period.

The anticipated transaction is subject to completion of the employee information and consultation processes, and obtaining of competition authority approvals.

In June 2013, WEX has inked a contract with Globalia, a European supplier of air, hotel and travel related services, to offer the WEX Travel solution.

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Keywords: WEX, ExxonMobil, European Commercial Fuel Card Program, card payment solutions
Categories: Payments & Commerce
Countries: World
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