South Portland-based Wright Express Corp. has completed its acquisition of an Australian firm for $318 million.
The payment processor first announced in August it would acquire the Australian assets of Retail Decisions, which consists of its fleet and prepaid card businesses, from private equity firm Palamon Capital Partners and co-investors Morgan Stanley Alternative Investment Partners and AlphInvest Partners. The purchase includes divisions ReD Fuel, Australia's largest fuel card issuer, and ReD Prepaid, which holds 60% of the country's market share in prepaid cards.
With the closing of the transaction, Wright Express will expand its international reach and diversify its revenue, according to a press release. "We believe this transaction builds on our existing strategy in Europe and the Asia Pacific region where we have been pursuing opportunities as a private label fleet card processor for major oil companies," Michael Dubyak, chairman and CEO of Wright Express, said in the release.