Edenred in the Acquisition of a 34% Interest in UTA

Cleary Gottlieb is representing Edenred in the acquisition of a 34% interest in German fuel card issuer UNION TANK Eckstein, formerly held by British Petroleum. The transaction was announced on October 20. Closing is subject to merger clearance.

The transaction includes an option for Edenred to acquire an additional 17% interest from UTA’s two founding families, exercisable as from 2017, and thus to increase its stake to 51%.

The French listed company Edenred, headquartered in Paris, is a world leader in prepaid corporate services and operates in 42 countries, with more than 6,000 employees.

UTA, headquartered in Kleinostheim, Germany, is a leading issuer of fuel cards for heavy vehicle fleets in Europe. Present in 40 European countries, UTA offers a card that is used by approx. 500,000 truck drivers in a network of more than 34,000 affiliated service stations. In 2013, UTA generated €3.1 billion in issue volume.