World Fuel Services Acquires Nordic Camp Supply

World Fuel Services Corporation INT announced today that, through a wholly-owned European subsidiary, it has signed a definitive agreement to acquire Nordic Camp Supply ApS based in Aalborg, Denmark. The purchase price for the transaction will be $68.5 million, which may be increased if NCS net assets exceed an agreed amount at closing. Up to $10 million of the purchase price and all or a portion of any increase in the purchase price above $68.5 million may be paid in the form of World Fuel Services Corporation common stock, valued based on an agreed trailing average price formula. The balance of the purchase price will be funded through cash-on-hand. The transaction is expected to be $0.09 to $0.11 accretive to earnings on a GAAP basis in the first twelve months. Non-GAAP accretion, which excludes amortization of acquired intangible assets of approximately $0.08 per share, is expected to be $0.17 to $0.19 in the first twelve months. The transaction is subject to customary closing conditions and is expected to be completed within the next thirty days.