World Fuel Services Corporation (NYSE: INT) announced today that its wholly-owned subsidiary, World Fuel Services, Inc., has signed a definitive agreement to acquire select assets of CarterEnergy Corporation (“CarterEnergy”), including the assets comprising CarterEnergy’s wholesale motor fuel distribution business.
CarterEnergy, based in Overland Park, Kansas, with 2011 volume in excess of 500 million gallons, is a branded distributor for Philips 66, BP, Valero, Suncor, Shell, ExxonMobil, Cenex and Sinclair. CarterEnergy distributes gasoline and diesel fuel under long-term contracts to more than 700 retail operators and is a supplier to industrial, commercial and government customers in Kansas, Missouri, Colorado, Texas, Oklahoma, Arkansas, Nebraska, Illinois, Iowa, Wyoming, Arizona, Tennessee, New Mexico and Alabama.
“We look forward to welcoming the CarterEnergy team to World Fuel,” stated Michael J. Kasbar, president and chief executive officer of World Fuel Services Corporation. “CarterEnergy will further expand our presence in the branded wholesale market and increase our global land volume to more than 3.5 billion gallons.”
“We are extremely pleased to be joining a company with the reputation and capabilities of World Fuel. This transaction will allow us to utilize our market knowledge and further grow the business,” stated Kerry Oliver, President of CarterEnergy.The transaction is expected to be $0.04 to $0.07 accretive to earnings on a GAAP basis in the first twelve months. Non-GAAP accretion, which excludes amortization of acquired intangible assets of approximately $0.02 per share, is expected to be $0.06 to $0.09 in the first twelve months. The transaction is subject to customary closing conditions and is expected to be completed within the next sixty days. About World Fuel Services Corporation Headquartered in Miami, Florida, World Fuel Services is a leading global fuel logistics company, principally engaged in the marketing, sale and distribution of aviation, marine and land fuel products and related services on a worldwide basis. World Fuel Services sells fuel and delivers services to its clients at 6,000 locations in more than 200 countries and territories worldwide.