SDXOF - Sodexo expands footprint in Brazil with strategic partnership between Pluxee and Santander
2023-07-25 03:27:53 ET
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French catering group Sodexo ( OTCPK:SDXAY ) said Santander Brazil, one of the biggest private banks in the nation, and Pluxee (Sodexo Benefits & Rewards Services) announce a strategic cooperation to support Pluxee's market leadership in Brazil.
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Per the terms, Santander will own 20% of Pluxee Brazil.
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In addition to the exclusive distribution pact, Santander is also contributing Ben its existing Employee Benefits activity in Brazil.
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With the addition of Ben's expertise (Santander's Employee Benefits activity) and the exclusive distribution of Pluxee's Employee Benefit solutions throughout the Santander network, this new step in Pluxee's goal to accelerate growth in Meal & Food Benefits will strengthen its market leadership in Brazil.
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The transaction is subject to the approval processes with the Administrative Council for Economic Defense and the Central Bank of Brazil.
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In terms of organic growth and EBITDA margin, the deal will be accretive for Pluxee from the first year onward.
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Now read: Sodexo acquires A.H. Management to expand its convenience solutions in North America
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Sodexo expands footprint in Brazil with strategic partnership between Pluxee and Santander