Stefano Colli-Lanzi
Expected to close in the first quarter of 2024, the €100 million transaction marks a significant milestone in Gi Group’s growth strategy.
Gi Group Holding has 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 a total consideration of up to €130 million, comprising €100 million in cash and an additional earn-out potential of up to €30 million. The transaction is expected to close in the fourth quarter of 2023, pending necessary regulatory approvals and 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 marks Gi Group’s 51st acquisition since 1998, underlining its continued journey of growth.
“This 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 labour market.”
Gi Group Holding has been assisted by Baker McKenzie as legal advisor and Deloitte as tax and financial advisor.
