Fleetman Inc. has agreed to purchase Gascard Inc., bringing together two fleet management companies serving a total of 8,000 outlets in 46 states.

Under a letter of intent, Fleetman or a subsidiary of Fleetman, which is owned by the Reily Cos., would pay minority shareholders of Gascard, with about 18% of the fully diluted stock, 14.7 cents a share in cash, based upon a company valuation of $12 million.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.