World Fuel Services Corporation has completed the previously announced acquisition of the aviation fueling operations of certain ExxonMobil affiliates at 34 airports in Canada and two airports in France. World Fuel has also become ExxonMobil’s long-term wholesale distributor for general aviation fuel in Canada.
The remaining airport locations in France, the United Kingdom, Germany, Italy, Australia and New Zealand are expected to close later in the fourth quarter of 2016 and into the first quarter of 2017, subject to customary regulatory consents and closing conditions, including securing appropriate third-party consents.
“We are pleased to expand our global aviation network into airport locations in Canada and France,” said Michael J. Kasbar, chairman and chief executive officer of World Fuel Services Corporation. “The closing of these locations, combined with the existing World Fuel business, will provide customers with a premier global fueling network across the United States and Canada and in strategic locations in France.”
“Our strong cash flow profile enabled us to fund this acquisition with cash-on-hand, leaving our existing liquidity facilities available to fund organic growth and additional strategic investments,” said Ira M. Birns, executive vice president and chief financial officer.