Pluxee announced on Wednesday evening that it had reached an agreement to acquire Cobee, a Spanish start-up specializing in employee benefits.

In a press release, the French group explains that the operation will enable it to strengthen its positioning in Spain, a fast-growing market which it considers to be 'highly under-penetrated'.

The transaction, the financial terms of which were not specified, should also enable it to enhance its technological capabilities, it explains in a release.

Created in 2019, Cobee claims more than 1,500 customers and some 100.000 salaried consumers through an offering that includes meal vouchers, training, health and life insurance or physical well-being.

Also present in Portugal and Mexico, the company expects to record organic growth of 100% this year compared with the previous year.

Pluxee, which specifies that the operation will be entirely financed by its available resources, says it anticipates a neutral impact on its recurring Ebitda and free cash flow in the first year, followed by an expected positive contribution in the second year.

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