FleetCor exits Russia, launches $450M accelerated share repurchase plan

FLEETCOR Technologies announced the sale of its Russia business to a local investment group. The transaction divests all of FLEETCOR’s operations in Russia. “We concluded the sale of our Russia business this week and are now completely out of the market. We are also announcing the launch of a $450M ASR to buyback FLEETCOR stock,” said Ron Clarke, Chairman and CEO of FLEETCOR Technologies. The company also announced that it has entered into an Accelerated Share Repurchase program with Bank of America to repurchase shares of common stock under its current share repurchase authorization. Approximately 80% of the shares expected to be repurchased under the transaction will be received by FLEETCOR on August 21, 2023. The total number of shares ultimately repurchased under the program will be determined upon final settlement and will be based on a discount to the volume-weighted average price of FLEETCOR’s common stock during the ASR period. FLEETCOR anticipates that all repurchases under the ASR will be completed by the end of the third quarter of 2023.