Dutch human resource services provider Randstad Holdings nv signed a definitive agreement to acquire Monster Worldwide for approximately $429 million U.S. (enterprise value). That’s at a price of $3.40 U.S. per share. Randstad will pay cash.

Monster will continue to operate independently under its own brand name and a press release this morning said that the acquisition is intended to “bridge two different but complementary parts of the extended recruiting industry [in order] to build the world’s most comprehensive portfolio of HR services.”

Randstad CEO Jacques van den Broek commented that, “the transaction is aligned with [Randstad’s] Tech and Touch growth strategy and reflects our commitment to bringing labor supply and demand closer together to better connect the right people to the right jobs.” He called Monster “a natural complement to Randstad.”

Monster CEO Tim Yates added that joining Randstad “provides a unique opportunity to accelerate” Monster’s business and Monster employees “will benefit from becoming part of a larger, more diversified company.”

Randstad places more than two million people worldwide through its network of more than 4,500 branches and client-dedicated services, according to the company. Randstad services range from regular temporary staffing and permanent placements.

Randstad Group is one of the leading HR services providers in the world, with top-three positions in Argentina, Belgium & Luxembourg, Canada, Chile, France, Germany, Greece, India, Mexico, the Netherlands, Poland, Portugal, Spain, Switzerland, the U.K., and the United States, as well as positions in Australia and Japan.

In 2015, Randstad had approximately 29,750 corporate employees and around 4,473 branches with Inhouse locations in 39 countries around the world. Randstad generated revenue of €19.2 billion in 2015.

The Monster acquisition is aimed at expanding Randstad’s reach even more into the more than 40 countries Monster serves.

The boards of directors of both Randstad and Monster have unanimously approved the agreement. It is expected to be completed in the fourth quarter of 2016, subject to any regulatory approvals.

Here’s the full press release.

Related Articles