Edenred now owns 100% of UTA
19 Maio 2020 - 3:45AM
Edenred now owns 100% of UTA
Press ReleaseMay 19, 2020
Edenred now owns 100% of UTA
Edenred announced today that it has acquired all
the shares it did not already own in its UTA subsidiary, Europe’s
second largest issuer of multi-brand fuel cards and a leading
provider of value-added services, such as toll settlement,
maintenance and VAT recovery solutions.
The increase to full ownership followed the
exercise of a put option on an additional 17% of outstanding shares
by the Eckstein family, co-founders of UTA. The option, which was
scheduled to expire in July 2020, was already accounted for in the
Group’s net debt. After acquiring an initial equity interest in
2015, Edenred became UTA’s majority shareholder in 2017 and
continued to gradually raise its stake to 83% by June 2018.
Today, UTA is a driving force in Edenred’s
growth strategy for its Fleet & Mobility Solutions business in
Europe.
Since Edenred acquired a controlling interest,
UTA has considerably broadened its sales footprint in Europe
(Poland, Romania, the Baltic States, Bulgaria), and has continued
to expand its affiliates network, which now comprises nearly 65,000
acceptance points in 40 countries. The Group has paid particular
attention to local networks, enabling the launch of dedicated
solutions for light fleets, for example in France, Germany and
Italy.
In addition, to build on its fuel card
solutions, UTA has expanded its multi-service capabilities by
stepping up the development of such value-added services as
electronic toll settlements, with for example the innovative,
interoperable UTA One box, and VAT recovery solutions for transport
companies. In 2019, these value-added services accounted for more
than 40% of the company's revenue.
Antoine Dumurgier, Edenred’s Chief
Operating Officer Fleet & Mobility Solutions, said:
“This transaction represents the final stage in UTA’s gradual
integration at Edenred. Over the past three years, we have made UTA
the spearhead of our expansion in Fleet & Mobility Solutions in
Europe, which is a major driver of the Group’s strategy for
sustainable and profitable growth. We are proud of the progress we
have made together since 2015, and excited about the prospects for
future growth.”
The transaction will be accretive to net profit,
Group share as of 2020. As the put option was already accounted
for, it will be virtually neutral on the consolidated net debt.
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Edenred is a leading services
and payments platform and the everyday companion for people at
work, connecting 50 million employees and two million partner
merchants in 46 countries via more than 850,000 corporate
clients.
Edenred offers specific-purpose payment
solutions for food (meal vouchers), fleet and mobility (fuel cards,
commuter vouchers), incentives (gift vouchers, employee engagement
platforms) and corporate payments (virtual cards). These solutions
enhance employee well-being and purchasing power, improve
companies’ attractiveness and efficiency, and vitalize the
employment market and the local economy.
Edenred’s 10,000 employees are committed to
making the world of work a connected ecosystem that is safer, more
efficient and more user-friendly every day.
In 2019, thanks to its global technology assets,
the Group managed €31 billion in business volume, primarily carried
out via mobile applications, online platforms and cards.
Edenred is listed on the Euronext Paris stock
exchange and included in the following indices: CAC Next 20,
FTSE4Good, DJSI Europe and MSCI Europe.
For more information: www.edenred.com
The logos and other trademarks mentioned and
featured in this press release are registered trademarks of Edenred
S.A., its subsidiaries or third parties. They may not be used for
commercial purposes without prior written consent from their
owners.
Edenred is celebrating its tenth anniversary in
2020.
▬▬
CONTACTS
Communication
Department Marie-Laurence Bouchon+33
(0)1 86 67 20
08marie-laurence.bouchon@edenred.com Media
Relations Matthieu Santalucia+33 (0)1 86 67 22
63matthieu.santalucia@edenred.com |
Investor
Relations Solène Zammito+33 (0)1 86
67 23 13solene.zammito@edenred.com Loïc Da Silva+33 (0)1
86 67 20
67loic.dasilva@edenred.com |
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