Key information
Through a tech-enabled employee benefits and engagement platform with longstanding leadership in an advanced and evolving digital ecosystem, Pluxee provides a compelling user experience to help employees feel engaged, motivated, financially supported and cared for. As the number two player worldwide in the employee benefits market, Pluxee delivers over 250+ products and services across 31 countries, ranging from meal, food and gift to mobility benefits and rewards & recognition and engagement programs as well as public benefits, supporting more than 500,000+ clients and 36 million consumers.
Description of the spin-off
During Fiscal 2023, the Group announced a plan to spin-off and list its Benefits & Rewards Services business, now Pluxee, to create two pure players, both leaders in their markets and both with highly cash-generative business models and to strengthen each of the two entities to execute their respective strategies and realize their full potential in high-growth markets.
The Pluxee listing is expected early 2024 on Euronext Paris, subject to approval of the listing prospectus by the Dutch Authority for the Financial Markets (Stichting Autoriteit Financiële Markten) and its passporting to the French Autorité des marchés financiers, the Euronext admission decision and market conditions.
Existing double voting rights of Sodexo will be maintained at Pluxee, which will be legally registered in the Netherlands allowing Bellon SA to continue playing a long-term controlling shareholder role in Pluxee. Tax residency will remain in France.
The proposed full spin-off will be put to a shareholder vote during a dedicated General Meeting to be held early 2024.
Pluxee plans to hold a Capital Markets Day shortly before the dedicated General Meeting to present its strategic plan and its next phase of value creation. The Fiscal 2024 and mid-term guidance will be provided on this occasion.
The spin-off will have no significant tax impact for Sodexo and its shareholders, at least in France and in the USA.
Pluxee will be allocated a portion of Sodexo’s current indebtedness for a total amount of 0.6 billion euros and Pluxee Pro Forma capital structure will be consistent with a strong Investment Grade credit rating.
Dedicated governance
As part of the spin-off and listing project, Pluxee has endorsed a dedicated governance, designed to support the company in the acceleration of its commercial and financial performance.
The Board of Pluxee, chaired by Didier Michaud Daniel, will be comprised of 4 Bellon family Board members and 5 Independant Board members.
To implement its strategy, Pluxee can count on Aurélien Sonet and its management team, who combine cross-disciplinary expertise and skills representative of the different activities and geographical areas in which Pluxee operates.
