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Thu 31 Jul 2014, 11:15 GMT

World Fuel Services completes Colt International acquisition


Houston-based firm is a provider of contract fuel and international trip planning services for the aviation industry.

World Fuel Services Corporation has announced that it has completed the previously announced acquisition of Colt International, LLC.

"We are pleased to welcome the Colt team to the World Fuel Services organization," said Michael J. Kasbar, chairman and chief executive officer of World Fuel Services Corporation. "The Colt transaction, combined with the existing World Fuel business, will provide customers with the largest contract fueling network in the general aviation industry and deliver a premier global platform for international trip planning services."

Colt, headquartered in Houston, Texas, with 150 employees and 2013 revenue of approximately $400 million, is a leading provider of contract fuel and trip planning services at more than 3,000 locations worldwide.

The transaction is expected to be $0.06 to $0.09 accretive to earnings on a GAAP basis in the first twelve months. Non-GAAP accretion, which excludes amortization of acquired intangible assets of approximately $0.02 per share, is expected to be $0.08 to $0.11 in the first twelve months.

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