Edenred Acquires IP's Energy Cards Business, Strengthening B2B Mobility in Italy

Edenred has completed its acquisition of IP's energy cards business, initially announced on March 26, 2024. This deal involves a portfolio of around 50,000 B2B clients and includes a long-term fuel supply agreement with IP. This acquisition elevates Edenred to the second position in the Italian energy cards market.

With this move, Edenred aims to bolster its B2B Mobility services in Italy and pursue green mobility initiatives. The company partners with Italy's largest fuel retailer to facilitate the transition to electric vehicles (EV) for B2B fleets. IP's clients will gain access to Edenred UTA solutions, including electronic toll systems, VAT refunds, and fleet management software.

The integration is expected to generate significant cross-selling opportunities and revenue synergies. Edenred and IP also plan to focus on expanding EV adoption among B2B fleets. The acquisition will be fully consolidated in Edenred’s financial statements as of December 2, 2024.