World Fuel Services to buy Universal’s fuel business

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World Fuel Services has agreed to purchase Universal Weather and Aviation’s UVair fuel business for US$170 million.

UVair, based in Houston, Texas, serves business and general aviation customers at more than 5,000 locations worldwide.

The agreement to purchase the UVair fuel business also includes an agreement for Universal to work exclusively with World Fuel to provide fuel supply to its customers.

“We are excited to announce this strategic acquisition, which will further enhance our global business and general aviation fuel platform,” said Michael J. Kasbar, chairman and CEO of World Fuel Services Corporation. “We look forward to welcoming UVair’s fuel customers and providing them and Universal’s international trip planning customers with access to our best-in-class global fuel supply network.”

“This acquisition demonstrates our commitment to leveraging our strong balance sheet and solid liquidity profile to drive incremental growth through strategic and synergistic acquisitions in our core businesses,” said Ira Birns, executive vice president and chief financial officer.

The deal is subject to customary closing conditions and is expected to be completed by the end of the year.

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