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August 16, 2010

Disposal of Davidson Trahaire Group

Edenred announced today that it has sold its Australian subsidiary Davidson Trahaire, a human resources consultancy specialized in employee assistance programs and other corporate psychology services.

The business, which does not have any issue volume, contributed €18 million to consolidated revenue in 2010.

The transaction was based on a total consideration of AUD 48.5 million, or around €35 million. 
The disposal was carried out as part of the strategic review of Edenred’s non-core businesses, and follows on from the sale completed in Q2 2011 of both the Group’s 45% interest in US-based WorkPlace Benefits, which is also specialized in employee assistance programs, and the divestment of its corporate concierge and personal assistance operations in France. These businesses, which did not have any issue volume, contributed respectively €9 million and €5 million to consolidated revenue in 2010.

Those two transactions were based on a total consideration of €7 million.
 

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