Corpay (CPAY) Completes Sale of Vehicle Maintenance Business
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Corpay (NYSE: CPAY) completed the sale of its UK-based vehicle maintenance business to OEConnection, a Francisco Partners portfolio company, marking its second Vehicle Payments divestiture this year. CEO Ron Clarke said the deal advances the company's shift toward Corporate Payments, concentrating capital and management attention on fewer, bigger businesses. The transaction's financial terms were not disclosed in the announcement. The divestiture matters because it continues Corpay's portfolio reshaping away from vehicle payments, and investors will watch for further disposal activity and how proceeds are redeployed into the corporate payments segment.
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Named in this story
Corpay, Inc., Corpay (CPAY), OEConnection (OEC), Ron Clarke, Francisco Partners
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