Edenred acquires 100% of UTA
16 de June, 2020
Edenred has acquired all the shares it did not already own in its subsidiary UTA, Europe’s second largest multi-brand fuel card issuer in Europe and a leading provider of value-added services such as toll payment solutions, vehicle maintenance and recovery solutions. and VAT recovery solutions. VAT.
The increase to the total acquisition resulted from the exercise of a put option on the 17% of the outstanding shares owned by the Eckstein family, co-founders of UTA. The put option, which would expire in July 2020, has already been accounted for in the Group’s net debt. After acquiring the first stake in 2015, Edenred became UTA’s majority shareholder in 2017, having continued to gradually increase its stake to 83% by June 2018. Today, UTA is essential to Edenred’s growth strategy, due to the Fleet and Mobility solutions it offers in Europe.