Corpay Announces Agreement to Sell Non-Core Vehicle Payments Business

Transaction Furthers Portfolio Simplification

ATLANTA--(BUSINESS WIRE)--Corpay, Inc. (NYSE: CPAY), the corporate payments company, today announced that it has signed a definitive agreement to sell UK-based epyx, along with sister companies r2c Online and Business Gateway, to OEConnection (OEC), a Francisco Partners portfolio company.

epyx is a leading fleet software platform that connects fleet operators, leasing companies, service providers and vehicle manufacturers through a digital network that streamlines vehicle service, maintenance, repair authorization and fleet management workflows across the UK and Europe.

"We're pleased to have reached agreement to sell our epyx business to OEC and Francisco Partners, and believe the business is well positioned for continued success under its new ownership," said Ron Clarke, Chairman and CEO of Corpay. "This transaction represents another important step in simplifying our portfolio and continuing our rotation towards Corporate Payments businesses.”

The transaction is expected to close this fall, subject to customary regulatory approvals and standard closing conditions.  The divestiture is expected to be neutral to Corpay’s 2026 Cash EPS outlook, as Corpay intends to use the proceeds for share repurchases.  Additional information on the financial impact of the transaction will be shared as part of Corpay’s second quarter earnings call.

Barclays and J.P. Morgan acted as financial advisors to Corpay, and Jones Day acted as legal counsel to Corpay. DC Advisory acted as financial advisor to OEC and Francisco Partners, and Goodwin Procter LLP acted as legal counsel to OEC and Francisco Partners

About Corpay

Corpay (NYSE: CPAY), the Corporate Payments and Expense Management Company, is an S&P 500 company with three primary B2B solution sets. Spend Management, provides corporate and virtual card programs and automates procure-to-pay. Cross-Border, converts foreign currencies and establishes foreign bank accounts. Vehicle Solutions, controls fuel, tolls, parking and related vehicle spend. With Corpay, the more a business controls, the less it spends. To learn more, visit corpay.com.