FLEETCOR Exits Russia, Terms Of The Sale Were Not Disclosed; Launches $450M Accelerated Share Repurchase
Portfolio Pulse from Happy Mohamed
FLEETCOR Technologies, Inc. (NYSE:FLT) has announced the sale of its Russia business to a local investment group, exiting the Russian market. The company also launched a $450 million Accelerated Share Repurchase (ASR) program with Bank of America, with approximately 80% of the shares expected to be repurchased by August 21, 2023. The terms of the sale were not disclosed.
August 15, 2023 | 12:46 pm
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FLEETCOR's exit from the Russian market and the launch of a $450 million ASR program could potentially impact the company's stock in the short term.
The sale of FLEETCOR's Russia business could potentially impact the company's revenues and profitability. However, the impact on the stock price is uncertain as the terms of the sale were not disclosed. The launch of the ASR program could potentially increase the stock price due to the reduction in the number of outstanding shares, but the impact will depend on the market conditions and the company's financial performance.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100