World Fuel Services Corp. (INT) announced that its wholly-owned subsidiary, World Fuel Services, Inc., has signed a definitive agreement to acquire select assets of CarterEnergy Corp., including the assets comprising CarterEnergy's wholesale motor fuel distribution business.
The acquisition is projected to be $0.04 to $0.07 accretive to earnings on a GAAP basis in the first twelve months. Non-GAAP accretion, which excludes amortization of acquired intangible assets of approximately $0.02 per share, is expected to be $0.06 to $0.09 in the first twelve months.
"We look forward to welcoming the CarterEnergy team to World Fuel," stated Michael Kasbar, president and chief executive officer of World Fuel Services Corporation. "CarterEnergy will further expand our presence in the branded wholesale market and increase our global land volume to more than 3.5 billion gallons."
The deal is expected to be completed within the next sixty days.
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