04:37 AM EDT, 06/20/2024 (MT Newswires) -- Corpay ( CPAY ) said Wednesday it signed a definitive deal to acquire GPS Capital Markets, which provides business-to-business cross-border and treasury management services.

No financial details were disclosed.

The acquisition is estimated to be accretive to the company's 2025 earnings per share and represents "significant" revenue and expense synergies, Corpay ( CPAY ) Chief Executive Ron Clarke said. The deal is expected to close in early 2025.

Meanwhile, the company also said it expects Q2 results to be in line with the midpoint of its previously released guidance. In May, the company said it expects Q2 adjusted earnings of $4.45 to $4.55 per share on revenue of $960 million to $980 million. Analysts polled by Capital IQ expect Q2 adjusted EPS of $4.50 on revenue of $973.2 million.

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