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Tue 11 Mar 2014, 07:13 GMT

World Fuel Services completes Watson Petroleum acquisition


CEO says acquisition will serve as a platform for further growth across Europe.

World Fuel Services Corporation (WFS) has announced that it has completed the previously announced acquisition of Watson Petroleum Limited.

In a statement, Michael J. Kasbar, president and chief executive officer of World Fuel Services Corporation, said: "The Watson acquisition will significantly expand our land segment in the United Kingdom and serve as a platform for further growth across Europe. We are pleased to welcome the Watson team to the World Fuel organization."

Watson Petroleum, based in Brinkworth, England, generated revenue of $2.2 billion in 2013 and is the second largest distributor of ground-based fuels in the United Kingdom, providing gasoline, diesel, heating oil, lubricants and other products and related services. The company delivers its product and service offerings through its well established distribution network consisting of 47 locations throughout England and Wales.

The transaction is expected to be $0.18 to $0.22 accretive to earnings on a GAAP basis in the first twelve months. Non-GAAP accretion, which excludes amortization of acquired intangible assets of approximately $0.10 per share, is expected to be $0.28 to $0.32 in the first twelve months.

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