Corpay said it signed a definitive agreement to acquire GPS Capital Markets, LLC for approximately $725 million on June 19, 2024. The company said the deal is expected to close in early 2025, subject to regulatory approval and standard closing conditions.

1. 01

   Corpay said it signed a definitive agreement to acquire GPS Capital Markets, LLC for approximately $725 million on June 19, 2024. The company said the deal is expected to close in early 2025, subject to regulatory approval and standard closing conditions.

2. 02

   The company said GPS provides business-to-business (B2B) cross-border and treasury management solutions to upper middle market companies, primarily in the US. It said that after the acquisition, Corpay will process cross-border payments for approximately 23,000 customers in more than 145 currencies across 6 continents.

3. 03

   The company said Ron Clarke, chairman and chief executive officer, called GPS the third-largest deal in Corpay's history. He said GPS will be accretive to cash EPS in 2025 and helps scale the Corporate Payments business to nearly $2 billion by 2026.

4. 04

   The company said it currently expects its Q2 2024 results to be in line with the midpoint of the guidance it gave in its earnings release on May 8, 2024. It said it will release Q2 results in early August.

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Original filing

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