The legal advice relates to the acquisition of 51% of stock of the Polish company Timex card, a franchisee and distributor of UTA service cards for car fleets issued by UNION TANK Eckstein. The acquired company was separated from Timex S.A. and belonged to the Cyprus holding company Sklodowski Holdings Limited. It is active in Poland, Ukraine and the Baltic States.
The main shareholder of UTA is Edenred, a company listed on the Paris Stock Exchange and the founder of the Ticket Restaurant created in 1962, offering a global transaction solution for companies, employees and traders.
As part of the expansion project in Eastern Europe, Edenred increased its share in UTA, while Daimler sold its shares.
UTA is a leading European company specializing in fuel and service cards for trucks and passenger cars.