Wright Express Corp. on July 30 announced a $318 million deal to acquire the Australian prepaid and fleet card operations of London-based Retail Decisions Ltd. as part of Wright’s strategy to diversify its fuel card operations.
South Portland, Maine-based Wright will absorb ReD Fuel, which issues 270,000 fuel cards in Australia used primarily by fleet operations, and ReD Prepaid, which has 60% of Australia’s prepaid card market, Wright says.
The deal will build on Wright’s strategy to expand and diversify its prepaid and fuel card programs (
“This transaction is another step in advancing our international strategy,” Michael Dubyak, Wright chairman and CEO, said in a statement.
Australia’s fuel card market is ripe for growth, Dubyak added. “ReD Fuel will allow us to go to market with full-service capabilities in Australia, including private label, cobrand and universal card programs, similar to our North American strategy,” he said.
The transaction enables Retail Decisions to put all of its efforts behind its card fraud-prevention services, said Carl Clump, the company’s CEO.
“We are very excited about the opportunities ahead of us on a global basis for our fraud-prevention activities,” including in Australia, Clump said.
The companies expect to close the cash deal in the third quarter.
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