Global corporate payments company Corpay announced that it has signed a definitive agreement to buy GPS Capital Markets. GPS offers business-to-business cross-border and treasury management solutions to upper-middle market companies, primarily in the US.
This deal will benefit GPS Capital Markets clients, such as by enhancing delivery channels and expanding access to FX services across global markets.
After the acquisition, Corpay will process cross-border payments for approximately 23,000 customers in more than 145 currencies across six continents.
The deal is expected to close in early 2025, subject to regulatory approval and standard closing conditions.
Corpay currently expects second quarter 2024 results to be in line with the midpoint of the financial guidance provided in the earnings release on May 8, 2024. And the company will release its results for the second quarter in early August.
KEY QUOTES:
“GPS is our third largest deal ever. We’re quite excited about GPS’ assets including a blue-chip roster of clients, a team of terrific FX specialists, and a market leading FX netting technology. GPS presents significant revenue and expense synergies and will be accretive to our 2025 cash EPS. This acquisition puts us well on our way to scaling our Corporate Payments business to nearly $2 billion by 2026.”
– Ron Clarke, chairman and chief executive officer, Corpay
“At GPS our clients are at the heart of everything we do. With Corpay‘s resources and our team’s expertise, we are poised to provide even greater value and drive transformative outcomes in the financial markets. The combined capabilities of our two companies will significantly benefit our clients and our employees.”
– Brandon Parke, President and CEO of GPS Capital Markets
