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.
World Fuel To Acquire Western Petroleum
- August 26, 2010, 11:49 AM