CHEYENNE, Wyo. -- SafeCard Services Inc. said it signed a definitive agreement to acquire Wright Express Corp. for $35.5 million in cash.
Wright, which provides credit cards and related services to commercial transportation fleets, would operate as a subsidiary of SafeCard after the anticipated completion of the sale in mid-September, said SafeCard chairman and chief executive Paul G. Kahn.
Mr. Kahn is also a Wright Express director. Formerly the head of AT&T Universal Card Services, Mr. Kahn joined SafeCard last December and shook up its management in hopes of diversifying the credit card registration company and enhancing its market orientation.
"The acquisition not only expands SafeCard, s relationships with current and new major oil company clients, it also adds to SafeCard's product offerings," Mr. Kahn said. Wright's rapid growth in cash flow and revenues "enhances our ability to achieve SafeCard'S strategic and financial objectives."
