Edenred to create Brazil joint venture with Embratec
PARIS Jan 12 (Reuters) - French voucher and prepaid card provider Edenred unveiled plans to expand in Brazil through a joint venture with Embratec that will see it double the size of its fuel card business in the South American country.
The companies will combine their expense management assets in a venture 65 percent owned by Edenred and 35 percent by Embratec's founding shareholders, Edenred said in a statement on Tuesday.
Edenred said it would finance the deal by contributing its assets to the entity along with an additional cash payment of 180 million euros ($196 million). ($1 = 0.9192 euros) (Reporting by James Regan; Editing by Laurence Frost)
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