Corpay, Inc. (NYSE: CPAY), a global enterprise payments company, today announced that it has signed a definitive agreement to acquire GPS Capital Markets, LLC.
GPS offers cross-border business-to-business and treasury management solutions for upper middle market companies, primarily in the US.
The transaction is expected to close in early 2025, subject to regulatory approval and customary closing conditions.
“GPS is our third largest deal ever. We are very excited about GPS’s assets, including a world-class client list, a team of outstanding FX specialists and market-leading FX netting technology,” said Ron Clarke, Chairman and Chief Executive Officer of Corpay, Inc. “GPS offers significant revenue – and cost synergies and will have a positive impact on our cash EPS in 2025. With this acquisition, we are on track to grow our corporate payments business to nearly $2 billion by 2026.”
Following the acquisition, Corpay will process cross-border payments for approximately 23,000 customers in more than 145 currencies across six continents.
Outlook for the second quarter of 2024
Additionally, Corpay currently expects its second quarter 2024 results to be consistent with the midpoint of its financial guidance provided in its May 8, 2024 earnings release. The company will report its second quarter results in early August.