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Sodexo announces completion of the acquisition of VR and becomes Brazil's leading issuer of Service Vouchers and Cards.
3/3/2008
Sodexo announces completion of its acquisition of Grupo VR's Service Vouchers and Cards activity in Brazil. The total consideration for the transaction, on a debt-free basis, is 1 billion Brazilian reais.
Paris, March 3, 2008. Sodexo (Euronext Paris FR0000121220 - SW/OTC: SDXAY), a world leader in Food and Facilities Management services in most markets, today announced completion of its acquisition of Grupo VR's Service Vouchers and Cards activity in Brazil. The total consideration for the transaction, on a debt-free basis, is 1 billion Brazilian reais (approximately 405 million euro at current exchange rates). VR's activity will be consolidated in the Group's financial statements for six months in Fiscal 2008.
The complementary nature of VR's business portfolio will open new development opportunities for Sodexo Service Vouchers and Cards in the very dynamic Brazilian market, the largest market worldwide in this activity with strong potential for future growth. Sodexo's issue volume has been growing at an annual rate of approximately 10% for the last two fiscal years in Brazil.
With this acquisition, Sodexo becomes the leader in Service Vouchers and Cards in Brazil, with an issue volume of 2.4 billion euro at current exchange rates, serving more than 50,000 clients, in particular small and medium sized businesses, and reaching 5 million beneficiaries.
The strong strategic fit and a shared spirit of service combined with the potential for local synergies enable Sodexo to reaffirm its confidence in the progression of operating margins in the Service Vouchers and Cards activity over the next three years.
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About Sodexo
SODEXO, founded in 1966 by Pierre Bellon, a world leader in Food and Facilities Management services in most markets, with more than 342,000 employees on 29,000 sites in 80 countries. For Fiscal 2007, which
closed August 31, 2007, SODEXO had revenues of 13.4 billion euro. Listed on Euronext Paris, the Group's current market capitalization is 5.9 billion euro.
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