FleetCor enters into cooperation agreement with D.E. Shaw

FLEETCOR Technologies "announced it has entered into a cooperation agreement with one of its long-term shareholders, the D. E. Shaw group. As part of the agreement, FLEETCOR has appointed Rahul Gupta to the Company’s Board of Directors, agreed to add another, mutually agreed-upon director to the Board and agreed to form an ad hoc Strategic Review Committee. Additionally, FLEETCOR will undertake a review of its portfolio and business configuration, with the goal of driving enhanced shareholder value. The portfolio review will assist the Board as it considers various strategic alternatives, including but not limited to the possible separation of one or more of the Company’s businesses. The Company will prioritize this assessment and intends to complete the portfolio review by the end of 2023. The Company will have no further comment on the status of the review until its conclusion. This review will complement the Company’s ongoing business simplification plan initiative. " Shares of FleetCor are up 5.0% in pre-market trading at $196.56 following the announcement.