Backed by more than 50 years of experience, UTA provides expense management solutions for heavy vehicle fleets to more than 60,000 European clients, of which nearly 70% are based in Germany.
Present in 40 European countries, UTA offers a card that can be used in a network of more than 34,000 affiliated service stations and a settlement solution of tolls. It also offers value-added services, including: tracking and reporting of travel information; VAT recovery services; and on-road assistance and maintenance services for the500,000 truck drivers who have a UTA card.
One of UTA’s flagship solutions is the MercedesServiceCard developed jointly with automaker Daimler, which holds a 15% interest in the fuel card company. Distributed by UTA to Mercedes-Benz customers, the co-branded card gives holders access to UTA’s services and to Mercedes-Benz service centers.
In 2013, UTA generated €3.1 billion in issue volume and €64 million in revenue.
A strategic acquisition that creates new growth opportunities for Edenred
With around €300 billion spent each year on fuel for business travel, the European B2B fuel card market offers significant growth potential.
The alliance between UTA and Edenred will help drive faster sales growth of UTA's heavy vehicle fleet solutions. It will also enable the launch of a new solution for the light vehicle segment, which will gradually be rolled out by Edenred to its 300,000 clients in Europe.
The acquisition of BP’s 34% stake in UTA for around €150 million is accompanied by an option to purchase an additional 17% interest from UTA’s two founding families, exercisable between 2017 and 2019.
“We are delighted to join forces with UTA, which has extensive expertise in the European fuel card market and a unique network of service stations and tolls," said Jacques Stern, Edenred’s Chairman and Chief Executive Officer. “This transaction represents an exceptional opportunity for Edenred. It will enable us to become a global player in expense management and to make this the second pillar of our offering.”