Corpay to Acquire Cross-Border Payments Company
Corpay, Inc. (NYSE: CPAY), a global corporate payments company, today announced that it has signed a definitive agreement to acquire GPS Capital Markets, LLC. GPS provides business-to-business cross-border and treasury management solutions to upper middle market companies, primarily in the US.
The transaction is expected to close in early 2025, subject to regulatory approval and standard closing conditions.
“GPS is our third largest deal ever. We’re quite excited about GPS’ assets including a blue-chip roster of clients, a team of terrific FX specialists, and a market leading FX netting technology,” said Ron Clarke, chairman and chief executive officer, Corpay, Inc. “GPS presents significant revenue and expense synergies and will be accretive to our 2025 cash EPS. This acquisition puts us well on our way to scaling our Corporate Payments business to nearly $2 billion by 2026.”
Following the acquisition, Corpay will process cross-border payments for approximately 23,000 customers in more than 145 currencies across six continents.
Second Quarter of 2024 Outlook
Additionally, Corpay currently expects second quarter 2024 results to be in line with the midpoint of the financial guidance provided in its earnings release on May 8, 2024. The company will release its results for the second quarter in early August.
Conference Call
The Company will host a conference call to discuss the acquisition of GPS at 4:30 pm ET on June 20, 2024. The conference call will be webcast live from the Company’s investor relations website at http://investor.corpay.com. The conference call can also be accessed live over the phone by dialing (877) 423-9813 or (201) 689-8573. A replay will be available one hour after the call and can be accessed by dialing (844) 512-2921 or (412) 317-6671 for international callers; the replay access ID is 13747282. The replay will be available through June, 27, 2024. Prior to the conference call, the Company will post a supplemental presentation that will be discussed during the call and live webcast.
