Expected to Close in the First Quarter of 2024, the €100 million transaction will further Strengthen Gi Group Holding’s Staffing Offering in the European Region
Milan, Italy (November 02, 2023)
Gi Group Holding today announced that it has entered into a definitive agreement to acquire the European Staffing business of Kelly (Nasdaq: KELYA, KELYB), a leading global specialty talent solutions provider, for cash consideration of up to €130 million. The transaction – with cash consideration of €100 million and an additional earnout potential of up to €30 million – is expected to close in the First Quarter of 2024, subject to receipt of required regulatory approvals and other customary closing conditions.
Under the terms of the agreement, Kelly will transition its European staffing business within its international operating segment to Gi Group Holding, providing staffing services to customers in 14 countries.
This agreement highlights the strong growth trajectory for Gi Group Holding as a leader in the global staffing and recruitment industry through an HR ecosystem that offers a full suite of tailored solutions through seven complementary brands present in more than 30 countries worldwide. The transaction highlights a continued journey of growth, with this marking the 51st acquisition in the company’s history since 1998.
“Today is an exciting step for Gi Group Holding, as we advance our ambition to grow both organically and through strategic acquisitions,” remarked Gi Group Holding Founder & CEO Stefano Colli-Lanzi. “Kelly’s European staffing business will strengthen our presence and capabilities in Europe, allowing us to scale up and draw on Kelly’s expertise in the region, while staying true to our commitment to contribute to the positive evolution of the labor market.”
Stefano Colli-Lanzi, Gi Group Holding Founder & CEO