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Marine, aviation and land fuel specialist, World Fuel Services Corporation, has announced today 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, UK, 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$260 million is expected to be fully funded with cash-on-hand.

The transaction is to 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.

In a statement, Michael J. Kasbar, chairman and chief executive officer of World Fuel Services Corporation, said: "This acquisition represents a strategic expansion of our global aviation network, further embedding us in the supply chain, by acquiring best-in-class aircraft fueling operations in multiple key international markets."

Ira M. Birns, executive vice president and chief financial officer, remarked: "Our strong cash flow profile should enable us to fund this acquisition with cash-on-hand, leaving our existing liquidity facilities available to fund organic growth and additional strategic investments."

Excluding the impact of one-time acquisition-related expenses and amortization of acquired intangible assets of approximately $10 million and $7 million respectively, the transaction, including the French locations, is expected to be $0.32 to $0.36 accretive to earnings on a Non-GAAP basis in the first twelve months after full completion.