By Adria Calatayud

Sodexo said Tuesday that its Pluxee benefits-and-rewards services business and Banco Santander's Brazil unit have entered into a strategic partnership that will see Santander take a 20% stake in Pluxee Brazil.

The French food-services company said Pluxee will integrate Santander's employee-benefits activities and enter into a 25-year exclusive distribution agreement with the bank's Brazil network. Further financial details weren't disclosed.

The deal will allow Pluxee to accelerate growth in meal and food benefits, Sodexo said.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

July 25, 2023 01:39 ET (05:39 GMT)

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