5. Acquisitions

For the six months ended June 30, 2015, the Company completed acquisitions with an aggregate purchase price of $5.9 million and has made deferred payments of purchase price of $2.1 million related to 2014 and 2013 acquisitions.

2014 Acquisitions

During 2014, the Company completed acquisitions with an aggregate purchase price of $3.67 billion, net of cash acquired of $165.8 million.

Comdata

On November 14, 2014, the Company acquired Comdata Inc. (“Comdata”) from Ceridian LLC, a portfolio company of funds affiliated with Thomas H. Lee Partners, L.P. (“THL”) and Fidelity National Financial Inc. (NYSE: FNF), for $3.42 billion, net of cash acquired. Comdata is a business-to-business provider of innovative electronic payment solutions. As an issuer and a processor, Comdata provides fleet, virtual card and gift card solutions. This acquisition will complement the Company’s current fuel card business in the U.S. and add a new product with the virtual payments business. FleetCor financed the acquisition with approximately $2.4 billion of new debt and the issuance of approximately 7.6 million shares of FleetCor common stock, including amounts applied at the closing to the repayment of Comdata’s debt. Results from the acquired business have been reported in the Company’s North America segment since the date of acquisition.

The following table summarizes the preliminary acquisition accounting for Comdata (in thousands):


Restricted cash	$	93,312
Trade and other receivables		634,335
Prepaid expenses and other		16,077
Property and equipment		17,984
Goodwill		2,264,174
Other intangible assets		1,630,700
Notes and other liabilities assumed		(802,273	)
Deferred tax liabilities		(427,193	)
Other long term liabilities		(6,841	)

Aggregate purchase price	$	3,420,275

Acquisition accounting adjustments recorded during the six months ended June 30, 2015 relate to our businesses acquisitions completed in 2014 and included reallocation of certain deferred tax liabilities among certain of the Comdata entities and a change in the estimated fair value of acquired accounts receivable. These adjustments recorded in 2015 did not have a significant impact on the 2014 consolidated income statement, balance sheet or statement of cash flows, thus the Company has not recast these statements.

The preliminary fair value of intangible assets acquired and the related estimated useful lives consisted of the following (in thousands):


	Useful Lives (in Years)		Value
Customer relationships		19	$	1,269,700
Trade names and trademarks—indefinite		N/A		237,100
Software		4 – 7		123,300
Non-competes		3		600

			$	1,630,700

The acquisition accounting related to this acquisition is preliminary as the Company is still completing the valuation for intangible assets, income taxes, certain acquired contingencies, off market contract reviews and the working capital adjustment period remains open. Goodwill recognized is comprised primarily of expected synergies from combining the operations of the Company and Comdata and assembled workforce. The goodwill acquired with this business is not deductible for tax purposes.

Other

During 2014, the Company acquired Pacific Pride, a U.S. fuel card business, and a fuel card business from Shell in Germany. The following table summarizes the preliminary acquisition accounting for these acquisitions during 2014 (in thousands):


Trade and other receivables	$	62,604
Prepaid expenses and other		232
Property and equipment		71
Goodwill		32,833
Other intangible assets		47,992
Notes and other liabilities assumed		(66,499	)

Aggregate purchase price	$	77,233

The preliminary estimated fair value of intangible assets acquired and the related estimated useful lives consisted of the following (in thousands):


	Useful Lives (in Years)		Value
Customer relationships		8	$	15,592
Trade names and trademarks—indefinite		N/A		2,900
Franchisee Agreements		20		29,500

			$	47,992

The acquisition accounting for these transactions is preliminary as the Company is still completing the valuation for intangible assets and certain acquired contingencies and the working capital adjustment period remains open. These acquisitions were not material individually or in the aggregate to the Company’s consolidated financial statements.