Shares of FleetCor Technologies Inc. FLT, -1.39% were headed more than 1% higher in premarket trading Monday after the business-payments company said it would conduct a strategic review. Fleetcor will engage in “a review of its portfolio and business configuration, with the goal of driving enhanced shareholder value,” according to a Monday morning press release. “The portfolio review will assist the board as it considers various strategic alternatives, including but not limited to the possible separation of one or more of the company’s businesses.” The review is expected to wrap up by the end of 2023. Additionally, Fleetcor announced Monday that it has “entered into a cooperation agreement” with shareholder D.E. Shaw. As part of their agreement, the company has appointed former RevSpring CEO Rahul Gupta to its board and will add one more mutually agreed-upon board director down the line.
