Wright Express Corp. (WXS)
Definitive Agreement to Acquire Fleet One Conference Transcript
September 5, 2012 5:00 PM ET
Steve Elder - Chief Financial Officer
Mike Dubyak - Chief Executive Officer
Sanjay Sakhrani - KBW
Greg Smith - Sterne, Agee
Bob Napoli - William Blair
Roman Leal - Goldman Sachs
Tom McCrohan - Janney
Sanjay Singh - Bloomberg Investment
Tien-Tsin Huang - JPMorgan
Good afternoon. My name is Kimberly, and I will be your conference operator today. At this time, I would like to welcome everyone to the Wright Express Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. (Operator Instructions)
Thank you. I would now like to turn the call over to CFO, Steve Elder. Please go ahead, sir.
Good afternoon, everyone, and thanks for joining us on short notice. Today Wright Express announced that it entered into a definitive agreement to acquire Fleet One, an over-the-road and local retail fueling business from private equity firms LLR Partners and FTV Capital for $369 million in cash. A press release is now posted to the Investor Relations section of our website at wrightexpress.com.
Joining me today on the call to discuss this transaction is our CEO, Mike Dubyak. Mike will walk you through the strategic rational and details behind the transaction, and then we will open up the call for your questions.