Itaú Unibanco Holding S.A. and Edenred S.A. – the controlling shareholder of Ticket Serviços S.A. in Brazil – announce the signing of an agreement for the distribution of employee benefit solutions in Brazil, mainly by means of the Programa de Alimentação do Trabalhador – PAT. The strategic partnership will enable Itaú Unibanco to offer its corporate and commercial clients Ticket’s benefit products.
Under the terms of the agreement, Itaú Unibanco will become a minority shareholder holding an 11% stake in Ticket Serviços by means of a capital increase in cash and by contributing exclusivity rights in the distribution of Ticket Restaurante, Ticket Alimentação, Ticket Cultura and Ticket Transporte to Itaú Unibanco’s corporate and commercial clients.
“We are very pleased to seal a partnership with Edenred and its Brazilian subsidiary, Ticket Serviços. It is an association with the best partner to offer the best products to our customers”, says Candido Bracher, CEO of Itaú Unibanco. “It is a strategic partnership since we were not active in the employee benefits market. Now we can offer an even more complete range of services to our corporate customers”, added Bracher.
The transaction does not affect Ticket’s other distribution agreements, as the company will continue to distribute its benefits products through other partners.
“I am pleased to join our forces with Itaú Unibanco, the largest and best connected bank in Brazil, leading the digital transformation of the local banking industry. This strategic partnership, based on a strong cultural fit and more than 20 years of respectful relationship, is a unique opportunity to speed up our growth in this large, high-potential market. With the support of Itaú Unibanco, we aim to outperform the Brazilian employee benefits market over the coming years. Indeed, we will benefit from a new distribution channel that will complement our current sales organization. We will also take advantage of our common ambition to expand our offering with innovative products”, says Bertrand Dumazy, Chairman and Chief Executive Officer of Edenred.
It is important to underscore that the control and management of the company will continue with Edenred. The completion of this transaction still depends on approval from the Central Bank of Brazil and the anti-trust authority, CADE. This transaction is not expected to have an impact on Itaú’s results for this fiscal year.