Acquisitions

2016 Acquisition

On March 14, 2016, the Company signed a definitive agreement to acquire all of the outstanding stock of Serviços e Tecnologia de Pagamentos S.A. (“STP”), from a shareholder group including concessionaires CCR S.A., and Arteris S.A., Raizen Combustiveis S.A. (a joint venture between Shell and Cosan), and others (the “Acquisition”). STP is an electronic toll payments company in Brazil and provides cardless fuel payments at a number of Shell sites throughout Brazil. The purpose of this acquisition is to strengthen the Company's presence in the Brazilian marketplace. The transaction price is denominated in Reals and is stated in the agreement at R$4.086 billion, which is subject to adjustment through closing. We anticipate the price at closing to be approximately R$4.2 billion, including adjustments, approximately US$1.14 billion at exchange rates at March 31, 2016. The Company will finance the acquisition using a combination of existing cash and borrowings under its existing credit facility. The Company expects the acquisition to close in the third quarter of 2016, subject to regulatory approvals.

During the three months ended March 31, 2016, the Company made additional investments of $4.9 million related to its equity method investment at Masternaut Group Holdings Limited ("Masternaut") and deferred payments of $3.4 million related to acquisitions occurring in prior years, as well as a small tuck-in acquisition in Brazil.

2015 Acquisitions

During 2015, the Company completed acquisitions of Shell portfolios related to our fuel card businesses in Europe, as well as a small acquisition internationally, with an aggregate purchase price of $45.7 million, made additional investments of $8.4 million related to Masternaut and deferred payments of $3.4 million related to acquisitions occurring in prior years.

The following table summarizes the preliminary acquisition accounting for the acquisitions completed during 2015 (in thousands):



Trade and other receivables	$	521
Prepaid expenses and other	996
Property and equipment	197
Goodwill	9,561
Other intangible assets	39,890
Deferred tax liabilities	(2,350		)
Liabilities assumed	(2,437		)
Aggregate purchase prices	$	46,378

The 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	14-20	$	39,890
		$	39,890

The 2015 acquisitions were not material individually or in the aggregate to the Company’s consolidated financial statements. The accounting for certain of these acquisitions is preliminary pending completing the valuation of intangible assets, income taxes and evaluation of acquired contingencies.