World Fuel buying Western Petroleum

World Fuel Services has agreed to acquire Eden Prairie, Minn.-based Western Petroleum, including its branded aviation fuel distribution business, for $95 million. The $95 million purchase price could be increased by up to $20 million if Western’s net assets exceed an agreed target at completion of the deal, which is expected this month. Miami-based World Fuel Services currently provides aviation customers, including corporate aircraft operators, with fuel supply, credit and fuel-price risk management services, ground handling arrangements, overflight and landing permits, flight planning and weather information. Most of these services are provided via its Baseops division.