SOUTH PORTLAND, Maine (AP) -- Wright Express Corp. said Friday it acquired privately held CorporatePay, a U.K. company that offers corporate prepaid Visa and MasterCard products, for 17 million pounds ($27.5 million) cash.
Wright, which processes fuel payments for fleet vehicles, said the acquisition expands its presence in the U.K., and Europe and adds to its product offerings.
Wright Express, based in South Portland, Maine, said the deal is expected to slightly hurt adjusted net income in the first year of the combined company and slightly benefit adjusted net income after that.
Wright shares rose 59 cents to $57.28 in afternoon trading.
