Edenred purchases 34% of UTA sharesSunday 05.10.2014
The transaction includes the option of purchasing additional shares, beginning with 2017, which will allow Edenred to increase its participation to 51%.
Representing an investment of approximately 150 million €, this purchase offers Edenred a unique opportunity to boost its growth on the business expense management market.
With more than 50 years of experience, UTA offers expense management solutions for heavy weight vehicle fleets for more than 60.000 clients in Europe, of which almost 70% are based in Germany.
Present in 40 European countries, UTA offers a fuel card that can be used in a network of more than 34.000 affiliated gas stations, as well as a solution of paying toll fees. The company also offers added-value services, including: tracking and reporting expenses, fuel consumption and mileage; services of VAT returns, assistance on the road and maintenance services for 500.000 truck drivers who have a UTA card.
“We are delighted to join forces with UTA, which has an extensive experience on the European market of fuel cards and has a unique network of service stations and fees”, declared Jacques Stern, president of Edenred and Chief Executive Officer.