World Fuel To Acquire Western Petroleum
World Fuel Services on Monday announced an agreement to acquire Eden Prairie, Minn.-based Western Petroleum, including its branded aviation fuel distribution business, for $95 million. “The acquisition of Western is another significant step in the continued evolution of our land-based fuel business and their branded aviation fuel distribution business will further expand the breadth of our general aviation business,” said World Fuel Services president and COO Michael Kasbar. The $95 million purchase price could be increased by up to $20 million if Western’s net assets exceed an agreed target at completion of the deal, which is expected to occur in the next 60 days. Miami-based World Fuel Services currently provides aviation customers, including corporate aircraft operators, with fuel supply, credit and fuel-price risk management services, ground handling arrangements, overflight and landing permits, flight planning and weather information. Most of these services are provided via its AvCard and Baseops divisions.