PARIS (Reuters) – French meal vouchers and card provider company Edenred <EDEN.PA> is buying U.S. firm Corporate Spending Innovations (CSI) for around $600 million (457 million pounds), in a deal which Edenred said would boost its earnings.
CSI provides corporate payment solutions, and Edenred’s acquisition marks the latest takeover in the sector.
Technological changes in payments and new consumer habits, such as the use of smartphones, have triggered consolidation in the sector, despite increasing regulatory scrutiny, with such deals offering the potential for cost savings.
Edenred, which has decided against buying a stake in French payments company Ingenico <INGC.PA>, said the CSI takeover should boost group earnings before interest and tax (EBIT) from 2019 onwards.
(Reporting by Sudip Kar-Gupta; Editing by Inti Landauro)