World Fuel Services Corporation to acquire ExxonMobil fueling operations at 83 international airport locations

World Fuel Services Corporation (INT) released that a wholly-owned subsidiary of the company has signed a definitive agreement to acquire from certain ExxonMobil affiliates their aviation fueling operations at 83 airports in Canada, the United Kingdom, Germany, Italy, Australia and New Zealand. Further, an additional three locations in France are expected to be added to the definitive agreement subject to certain required reviews associated with such transaction. The portfolio services the business and commercial aviation sectors and is comprised of certain related on-airport assets and operations. World Fuel will also enter a long-term agreement with Imperial Oil to become a wholesale distributor for general aviation fuel in Canada. The total purchase price, including the French locations, of approximately US$260m is expected to be fully funded with cash-on-hand. The transaction will close in phases, with the majority of locations expected to close during the second half of 2016. The transaction is subject to customary regulatory consents and closing conditions, including securing appropriate third party consents.