PARIS (Agefi-Dow Jones)–The collective catering group Sodexo has entered into negotiations with the investment fund CVC to open the capital of its Benefits and Rewards Services (“BRS” for “Benefit and Rewards services”) division, which includes restaurant vouchers or gifts, Les Echos reported on Monday citing concordant sources.
According to the daily, the company could sell between 20% and 30% of the capital of this division and would expect an overall valuation of up to 4 billion euros, in line with the multiples of competitor Edenred.
One of the sources close to the file quoted by Les Echos stresses however that “at this stage nothing says that there will be an agreement at the end”.
Contacted by Agefi-Dow Jones, a Sodexo spokesperson did not comment while a CVC spokesperson was not immediately available.
On the Paris Stock Exchange, Sodexo shares rose 1.8% to 73.20 euros after gaining more than 3% following the publication of this information.
Sodexo announced last fall a strategic review of its BRS division, stating that it intended to retain control of this division. The group had also excluded the scenario of an IPO from this activity.
-Julien Marion, Agefi-Dow Jones; +33 (0)1 41 27 47 94; [email protected] ed: ECH
Website: https://www.lesechos.fr/industrie-services/services-conseils/sodexo-en-negotiation-avec-cvc-pour-louverture-du-capital-de-son-pole-tickets-restaurants-1402814
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April 25, 2022 09:42 ET (13:42 GMT)