Pluxee, a France-based employee benefits and engagement firm, announced the completion of its acquisition of Cobee, a Spanish digital player in employee benefits.

The signing was announced on 12 June 2024, and since then, Pluxee has obtained the necessary approval by the Spanish regulatory authorities. 

Pluxee said that with this acquisition, it delivers the first milestone of its targeted and disciplined M&A strategy, strengthening its position in the Spanish employee benefits market. 

“The combination of Pluxee’s and Cobee’s respective talents, capabilities, and technology will create a complete, competitive, and attractive solution in Spain, Portugal, and Mexico, broadening the group’s existing benefit offering and enhancing its tech capabilities at global scale,” the company said in a press release. 

Cobee serves more than 1,500 clients and 100,000 employee consumers with a broad multi-benefit offering, including over 12 products covering meal vouchers, training, health and life insurance, physical well-being and employee discounts.

The transaction is fully funded from existing financial resources, with limited impact on leverage. The transaction is expected to be neutral in terms of Pluxee’s Recurring EBITDA and free cash flow in fiscal 2025 and accretive to its recurring EBITDA margin and net income from Fiscal 2026.

The price of the transaction was not disclosed.

Pluxee is a global player in employee benefits and engagement that operates in 31 countries.