Pluxee (Sodexo Benefits & Rewards Services) and Santander Brazil announced a strategic partnership to reinforce Pluxee?s market leadership in Brazil combining 145,000 clients, 6.5 million consumers and a network of over 750,000 merchants. This new step in Pluxee?s strategy to accelerate growth in Meal & Food Benefits will reinforce its market leadership in Brazil with the exclusive distribution of Pluxee?s Employee Benefit solutions in the Santander network and integration of Ben?s expertise (Santander?s Employee Benefits activity). Capitalizing on the strength of its 40-year presence in the country, the partnership will enable Pluxee to significantly strengthen its distribution network through a 25 years exclusive distribution agreement in the wide national network of Santander agencies and bankers and will create synergies to capture market potential.

In addition to the exclusive distribution agreement, Santander is also contributing Ben its existing Employee Benefits activity in Brazil. Created in 2019 to complement the Bank's range of offers, Ben has built a solid technological base and network of 3,000 clients, 600,000 consumers and over 400,000 merchants. As part of this partnership, Santander will hold 20% into Pluxee Brazil.

The transaction is subject to the approval processes with the Administrative Council for Economic Defense (CADE) and the Central Bank of Brazil. The transaction will be accretive for Pluxee from year 1 in terms of organic growth, and EBITDA margin. J.P. Morgan acted as exclusive Financial Advisor to Sodexo on the strategic partnership between Pluxee and Santander in Brazil.