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Simpson Thacher Guides Corsair Capital on Payment Business Buy

July 31, 2020, 6:55 PM

Simpson Thacher & Bartlett said it’s advising Corsair Capital on its agreement to acquire MSTS, a global B2B payment and credit solutions provider, from World Fuel Services Corporation.

World Fuel Services Corporation, a Miami-based global energy management company, in a statement said the $350 million sale is part of its strategy to focus on activities core to its long-term growth. It was advised on the transaction by Cravath, Swaine & Moore.

Chapman & Cutler also advised Corsair. The New York-based private equity firm, which focuses on business and financial services, said MSTS, with customers in over 190 countries, will be better positioned as a standalone business to expand its technology platform.

“The B2B payments market continues to shift towards digitization and automated processes, and we see tremendous growth potential for MSTS, given the company’s significant sales momentum and customer pipeline, scalable platform with recurring revenue streams, and opportunities to expand both its product offerings and geographical footprint,” said Jeremy Schein, partner at Corsair Capital.

The deal is expected to close in 90 days, contingent on regulatory approvals.

To contact the reporter on this story: Rick Mitchell in Paris at rmitchell@correspondent.bloomberglaw.com

To contact the editor on this story: Rebekah Mintzer in New York at rmintzer@bloomberglaw.com
Chris Opfer in New York at copfer@bloomberglaw.com

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