Edenred: announces acquisition in Lithuania
(CercleFinance.com) - On Wednesday morning Edenred announces the takeover of the Lithuanian company EBV Finance, " which specializes in tax refunds for European transportation companies," a market that has an estimated value of nearly four billion euros.
The terms of the deal were not specified.
In detail, the group will bring to EBV Finance the assets of its Danish subsidiary in the same business, Nikosax, and will ultimately own 60% of EBV Finance.
"Since 2015, EBV Finance has provided European transportation companies with refund services for VAT and excise duties paid on certain expenses, such as fuel and tolls," said Edenred, which estimates EBV Finance and Nikosax's combined revenues to be about 13 million euros in 2019.
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The terms of the deal were not specified.
In detail, the group will bring to EBV Finance the assets of its Danish subsidiary in the same business, Nikosax, and will ultimately own 60% of EBV Finance.
"Since 2015, EBV Finance has provided European transportation companies with refund services for VAT and excise duties paid on certain expenses, such as fuel and tolls," said Edenred, which estimates EBV Finance and Nikosax's combined revenues to be about 13 million euros in 2019.
Copyright (c) 2019 CercleFinance.com. All rights reserved.