World Fuel Services Corporation Completes Sale of Multi Service Payment Solutions Business
World Fuel Services Corporation (NYSE: INT) today announced that it has completed the previously announced sale of its Multi Service payment solutions business to Corsair Capital, a New York based private equity firm specializing in business and financial services. World Fuel Services received gross cash proceeds at closing of approximately $300 million and will receive an additional deferred payment of $75 million at a later date, of which $50 million is conditioned on Multi Service’s achievement of certain financial targets through 2022.
“We are pleased to have completed this transaction in the current complex global operating environment and wish our Multi Service colleagues well in their future endeavors,” stated Michael J. Kasbar, chairman and chief executive officer. “The closing of this transaction represents a significant milestone in our strategy to sharpen our portfolio of businesses and allows us to continue to focus on driving growth and increasing returns in our core businesses.”
“We have taken a number of actions to improve our liquidity profile during these challenging and uncertain times and the proceeds from this transaction allows us to further improve our liquidity position, enabling us to accelerate organic growth and fund select strategic investments in our core businesses,” stated Ira M. Birns, executive vice president and chief financial officer.
Jeremy Schein, Partner at Corsair Capital, added: “We are excited to officially welcome MSTS to the Corsair portfolio, and look forward to partnering with the company’s talented team to capitalize on substantial growth opportunities within the B2B payments market.”
Source: World Fuel Services Corporation