Our latest insights

WEX to acquire fuel card business of EG Group, Go Fuel Card

Share this post

Share on facebook
Share on linkedin
Share on twitter
Share on email
WEX to acquire fuel card business of EG Group, Go Fuel Card

Acquisition Strengthens WEX’s European Fleet Solutions Business

SOUTH PORTLAND, Maine–(BUSINESS WIRE)–Mar. 25, 2019– WEX Inc. (NYSE:WEX), a leading financial technology service provider, announced today that it plans to acquire the fuel card business (“Go Fuel Card”) of EG Group, an independent fuel station and convenience retailer in Europe. The anticipated transaction is subject to completion of employee information and consultation processes, and other approvals, as appropriate.

The Go Fuel Card business is headquartered in Breda, Netherlands with approximately 200,000 proprietary cards in circulation across the Netherlands, France, Belgium and Luxembourg. Go Fuel Card offers fuel cards for vehicles to a range of customers from small and medium enterprises, commonly called SMEs, to larger fleet operators. Go Fuel Card operates on an independent proprietary card network with acceptance at over 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. “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. 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.”

WEX expects the transaction to close in the second quarter of 2019, subject to customary closing conditions.

More To Explore

Login or Register

Don't have an account?

Are you part of the Payments Association community?

Not yet set up your login for the Payments Association Community Platform? Set it up now

Set up a free account for instant access to our content

You don’t need to be an Payments Association member to view the majority of our content. Simply enter your details below once to set up your login details and get access to our library of whitepapers, podcasts, consultation papers, webinars and more.

First Name*
Last Name*
Company Name*
Job Title*
Business Email Address*
Confirm Password*
The Payments Association exist to help drive the industry forward. As such the Payments Association may contact you about any future content or events that we think you may have a legitimate interest in. We will store your information securely and will never share your details with third parties other than the relevant resource(s) sponsor(s)/curator(s). You may opt out at any time. By clicking register you are agreeing to the terms of our Privacy Policy.

← back