International. Sodexo said Bellon has agreed to buy Sofinsod in a deal that values its holding company at 918 million euros ($999.8 million).
Sofinsod, a holding company 100% owned by Sodexo, owns a 19.6% stake in Bellon SA, the Bellon family's holding company and the main shareholder of Sodexo and Pluxee.
This cycle of cross-shareholding occurred in 1991 as a result of the dissolution of the cross-shareholdings between Sodexo and Carlson Wagon Lit following the attempted merger of some of their activities.
In recent weeks, Sodexo proposed to sell Sofinsod to Bellon SA, which was accepted. As a result, Sodexo announces the conclusion of a Share Purchase Agreement (the "Agreement") for the sale of Sofinsod to Bellon S.A. and the distribution of the proceeds from the sale to Sodexo's shareholders in the form of an interim dividend.
"Following the spin-off of Pluxee, this transaction to simplify Sodexo's ownership structure allows the Group to monetize an asset that has been illiquid and undervalued for more than three decades, and supports our growth strategy," commented Sophie Bellon, Sodexo's President and Chief Executive Officer.
These decisions were unanimously approved by the members of Sodexo's Board of Directors. It should be noted that, in accordance with the rules of governance of related party agreements, the directors representing Bellon SA did not participate in the deliberations or the vote on the conclusion of the Agreement. The workers' representatives were also informed and consulted about the transaction.
