Corsair Capital LLC signed a definitive agreement to acquire Multi Service Technology Solutions Inc. from World Fuel Services Corporation (NYSE:INT) for approximately $350 million on July 30, 2020. The consideration will be paid in cash and is subject to certain closing adjustments. Consideration consists of approximately $275 million at closing and an additional deferred payment of $75 million, of which $50 million will be conditioned on Multi Service's achievement of certain financial targets through 2022. MSTS President Brandon Spear will continue to lead the standalone company. As a standalone business, MSTS will be better positioned to capitalize on the substantial growth opportunities in the B2B payments market while continuing to rapidly expand its technology platform and CaaS offering both organically through new customers and through strategic acquisitions. The closing of the transaction is subject to customary closing conditions, including regulatory approvals. As of August 26, 2020, Federal Trade Commission granted early termination notice. The transaction is expected to be completed in the next ninety days. The transaction will result in a one-time after-tax gain of approximately $65 million, or $1.02 per diluted share and proceed will be used to pay down debt. Credit Suisse acted as financial advisor to World Fuel Services in the transaction and Damien R. Zoubek, Andrew C. Elken, Brittain A. Rogers, Christine A. Varney, Margaret Segall D’Amico, Jesse M. Weiss, Craig F. Arcella, Kara L. Mungovan, Jennifer S. Conway, Nicole F. Foster, David J. Kappos, Annmarie M. Terraciano and Brian M. Budnick of Cravath, Swaine & Moore LLP acted as legal advisor. Keefe, Bruyette & Woods, Inc. acted as capital markets advisor and Chapman & Cutler LLP acted as legal advisors to Corsair Capital. Sebastian Tiller, Laurence M. Moss, Jonathan Goldstein, Barrie B. Covit, David R. Wagner, Lori E. Lesser, Krista B. McManus, Michael R. Isby, Peter Guryan, Kelly Karapetyan and Steven R. DeLott of Simpson Thacher & Bartlett LLP acted as legal advisor to Corsair Capital LLC. Ken Taratus and Irena Snider of KBW LLC acted as a financial advisor to Corsair Capital LLC. Corsair Capital LLC completed the acquisition of Multi Service Technology Solutions Inc. from World Fuel Services Corporation (NYSE:INT) for approximately $380 million on September 30, 2020. World Fuel Services received gross cash proceeds at closing of approximately $303.5 million and will receive an additional deferred payment of $75 million at a later date, of which $50 million is conditioned on Multi Service’s achievement of certain financial targets through 2022.