Wright Express Corp., which is trying to diversify its fuel card operations, is buying the Australian prepaid and fleet card operations of Retail Decisions Ltd.
Wright, of South Portland, Maine, would pay $318 million in cash for ReD Fuel, which issues 270,000 fuel cards in Australia used primarily by fleet operations, and ReD Prepaid, which has 60% of Australia's prepaid card market.
"This transaction is another step in advancing our international strategy," Michael Dubyak, Wright's chairman and chief executive, said in a press release Friday.
Australia's fuel card market is ripe for growth, Dubyak said. "ReD Fuel will allow us to go to market with full-service capabilities in Australia, including private label, cobrand and universal card programs."
Retail Decisions, of London, will now focus on its fraud prevention services.
The deal is expected to close this quarter.