World Fuel Services is acquiring Universal Weather and Aviation’s UVair fuel business for $170 million, the companies announced today. According to World Fuel, the deal is expected to close by year-end and will be funded through cash-on-hand and liquidity available through an existing unsecured credit facility.
Houston-based UVair serves business and general aviation customers at more than 5,000 locations worldwide. While Universal will retain its international trip planning services business, the UVair deal includes an agreement for Universal to work exclusively with World Fuel to supply fuel to its customers.
“This strategic acquisition…will further enhance our global business and general aviation fuel platform,” said World Fuel chairman and CEO Michael Kasbar. “We look forward to welcoming UVair’s fuel customers and providing them and Universal’s international trip planning customers with access to our global fuel supply network.”
"This sale of UVair will enable us to continue to invest and grow," said Universal chairman Greg Evans. “We will continue to invest in our digital platforms. We will also continue to expand our global footprint, grow our global concierge network, invest in and add new catering locations as Air Culinaire Worldwide continues to thrive, and build on our recently announced joint venture with Drivania to provide a truly global transportation solution.”