World Fuel Services Corporation (NYSE: INT) said a wholly owned subsidiary of the company has signed a definitive agreement to acquire from certain ExxonMobil affiliates their aviation fueling operations at 83 airports in Canada, the United Kingdom, Germany, Italy, Australia and New Zealand.
Further, an additional three locations in France are expected to be added to the definitive agreement subject to certain required reviews associated with such transaction. The portfolio services the business and commercial aviation sectors and is comprised of certain related on-airport assets and operations. World Fuel will also enter a long-term agreement with Imperial Oil to become a wholesale distributor for general aviation fuel in Canada.
The total purchase price, including the French locations, of approximately USD260 million is expected to be fully funded with cash-on-hand.
The transaction will close in phases, with the majority of locations expected to close during the second half of 2016. The transaction is subject to customary regulatory consents and closing conditions, including securing appropriate third party consents.
Headquartered in Miami, Florida, World Fuel Services is a global fuel logistics, transaction management and payment processing company, principally engaged in the distribution of fuel and related products and services in the aviation, marine and land transportation industries. World Fuel Services sells fuel and delivers services to its clients at more than 8,000 locations in more than 200 countries and territories worldwide.