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France's Edenred buying North American corporate payment software provider

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France's Edenred buying North American corporate payment software provider

France-based Edenred SA agreed to acquire Corporate Spending Innovations, a provider of automated corporate payment software in North America, for $600 million.

Edenred SA is a transactional solutions provider to companies, employees and merchants.

The deal is expected to close in early 2019. CSI expects to manage payment volumes of around $11 billion and process 900,000 transactions in 2018. It forecasts adjusted EBITDA of $26 million in full year 2018.

Citigroup, Hogan Lovells and Deloitte advised Edenred on the deal. SunTrust Robinson Humphrey acted as the financial adviser for CSI.