EG Group's Fuel Card Business to Be Acquired by WEX
SOUTH PORTLAND, Maine — WEX Inc. plans to acquire fuel station and convenience retailer EG Group's fuel card business, Go Fuel Card. Based in the United Kingdom, EG Group operates in Europe, the United States and Australia.
Go Fuel Card has approximately 200,000 proprietary cards in circulation across the Netherlands, France, Belgium and Luxembourg. It offers fuel cards for vehicles to a range of customers from small and medium enterprises to larger fleet operators. Go Fuel Card operates on an independent proprietary card network with acceptance at more than 5,000 retail sites.
"The addition of the Go Fuel Card business will strengthen our position in Europe by expanding our footprint in attractive markets and broadening our card acceptance through an independent, proprietary card network," said Scott Phillips, president, global fleet, WEX.
WEX expects the transaction to close during the second quarter of 2019. The transaction is subject to completion of employee information and consultation processes, along with other appropriate approvals, according to the company.
"I am also extremely excited about the opportunity to partner with EG Group to expand our fleet business throughout EG locations in the U.S., Europe and Australia," Phillips added. "This is an attractive business that projects further reductions to our sensitivity to retail fuel prices, while providing us a strong pathway for organic growth and value creation over time."
South Portland-based WEX is a financial technology services provider that operates in more than 10 countries across a range of sectors, including fleet, travel and healthcare.