General Electric (NYSE:GE) is getting out of the gas card business Down Under.
On Tuesday, it was announced that the financial-industrial conglomerate has sold its branded Fleet Card gas charge-card business to Norcross, Ga.-based FleetCor (NYSE:FLT). FleetCor acquires GE's "Fleet Card product, brand, acceptance network contracts, supplier contracts, and approximately one-third of [GE's] customer relationships with regards to fuel cards" in Australia. FleetCor said it expects to see adjusted net income increase by $0.03 in 2013 as a result of this deal, even after deal-related expenses.
Terms of the transaction were not disclosed. The Fleet Card is accepted at more than 6,000 fuel outlets and more than 7,000 automotive service and repair centers across Australia.
The Fleet Card acquisition marks FleetCor's entrance into the Australian market, but not GE's entire exit. In a statement describing the deal, GE noted that it is retaining its "Custom Fleet" customers, comprising corporate customers who have relationships with GE such as fleet management and leasing, in addition to fuel. Also, GE is entering into a long-term agreement with FleetCor to have the latter perform fuel card processing for Custom Fleet customers.