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Thursday, April 18, 2024

Fleetcor instructs Jones Day on the acquisition of Global Reach Group

A Jones Day cross-border team has advised Fleetcor on its purchase of UK-based cross-border payments provider, Global Reach Group

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Fleetcor Technologies, Inc., a leading global business payments company, announced it has signed a definitive agreement to acquire the Global Reach Group, a UK-based cross-border payments provider. With the acquisition, FLEETCOR® increases its cross-border payments scale and strengthens its position as one of the largest non-bank global cross-border providers in the world. The transaction is expected to close in the fourth quarter of 2022, subject to regulatory approval and standard closing conditions.

Global Reach Group serves customers of all sizes by facilitating international payments. With thousands of corporate clients primarily in the United Kingdom and Canada, the acquisition provides an overlapping footprint to Fleetcor’s current cross-border payments business.

“Global Reach is a fantastic addition to our existing cross-border business that can be quickly integrated into our global business. We anticipate the deal to be immediately accretive post-close with additional synergies to layer in during year two,” said Ron Clarke, chairman, and chief executive officer of Fleetcor Technologies, Inc.

Jones Day provided legal counsel to Fleetcor. Eversheds Sutherland provided legal counsel to Global Reach, and Canaccord Genuity provided strategic and financial advice to Global Reach.

Jones Day cross-border team was led by London office partner Julian Runnicles, Atlanta office partner Patrick S. Baldwin, and a Madrid office team led by partner Miguel Bermúdez de Castro with the support of lawyers Marina Bru, Priscilla Rojas, Javier Gutiérrez, and Cristina Isern.

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