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Sodexho becomes the leader in Brazil for Service Vouchers and Cards
9/17/2007
Sodexho Alliance announced today that it has signed an agreement to acquire the Service Vouchers and Cards activities of the VR Group in Brazil.
Paris, September 17, 2007, Sodexho Alliance (Euronext Paris FR0000121220 - SW / OTC: SDXAY) announced today that it has signed an agreement to acquire the Service Vouchers and Cards activities of the VR Group in Brazil. Consideration for the transaction, which is determined on a debt free basis, is 1 billion Brazilian reals, or approximately 380 million euros. The transaction remains subject to various conditions, including regulatory matters.
Group VR is Brazil's third largest issuer of Service Vouchers and Cards. Created in 1977, VR has developed an expanded offer of services in the area of human resources and quality of life services. This acquisition enables Sodexho to reinforce its position in Food Pass and Restaurant Pass offerings as well as extend services such as transport and fleet maintenance. The combined business intends to develop card activities using Group VR's acceptance network.
The complementarities of the business portfolios, particularly in cards, will provide Sodexho Service Vouchers and Cards in Brazil with new development opportunities in the dynamic Brazilian market. Brazil has significant market potential with strong future growth prospects. Over the last two years, Sodexho Service Vouchers and Cards in Brazil has seen average annual growth of its issue volume of around 10%.
Upon completion of this acquisition, Sodexho Service Vouchers and Cards in Brazil will have an issue volume of 2.3 billion euros, a portfolio of 40,000 clients with a strong competitive position in the market for small and medium sized companies and 5 million beneficiaries.
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About Sodexho Alliance
SODEXHO ALLIANCE, founded in 1966 by Pierre Bellon, is the leading global provider of Food and Facilities Management services, with more than 332,000 employees on 28,300 sites in 80 countries. For Fiscal 2006, which closed August 31, 2006, SODEXHO ALLIANCE had sales of 12.8 billion euro. Listed on Euronext Paris, the Group's current market capitalization is more than 7.3 billion euro.
