World Fuel Services Corp. (INT), Monday said it has inked a deal to acquire certain assets of transaction management company Multi Service Corporation for approximately $137 million, using the existing credit facilities.
World Fuel expects the transaction to add $0.16-$0.20 per share to the non-GAAP earnings of the first 12 months, while resulting in a charge of approximately $2.8 million charge in the fourth quarter of 2012. The acquisition of Multi Service, that specializes in fleet, government and commercial payment programs, is expected to consummate within the next thirty days, said the company in a statement.
"Multi Service is expected to produce positive cash flow of $15 to $20 million in 2013," said Ira Birns, executive vice president and chief financial officer of World Fuel Services Corporation. "The addition of the Multi Service platform, which will principally be reported as part of our land segment, will create expanded growth opportunities across all of our businesses."
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