World Fuel Services completes acquisition of Nordic Camp Supply
2-Mar-2011 World Fuel Services Corporation announced today that, through a wholly-owned European subsidiary, it has completed the previously announced acquisition of Nordic Camp Supply ApS ("NCS") based in Aalborg, Denmark.
"The acquisition of NCS will allow us to leverage our current business activities and future growth opportunities in the fuel logistics marketplace," stated Michael J. Kasbar, president and chief operating officer of World Fuel Services Corporation. "We are pleased to welcome NCS to World Fuel and look forward to working with their talented team."
NCS is a full-service supplier of aviation, gasoline and diesel fuels and related logistics solutions supporting NATO, US and other European armed forces operations in Afghanistan.
The purchase price for the transaction was approximately $94.6 million, of which $67.6 million was paid in cash and $27 million was paid in shares of World Fuel Services Corporation common stock. The base purchase price of $68.5 million was increased by $26.1 million, representing the amount by which NCS net assets exceeded an agreed upon amount at closing.
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.