Randstad received clearance from the European Commission for the proposed acquisition of part of the European staffing activities of USG People, which was announced on April 4, 2013.
Key points of the proposed acquisition:
- Randstad to acquire staffing activities of USG People in Spain, Italy, Poland, Switzerland, Luxembourg and Austria
- Randstad will increase its market position and density of its network
- An investment of € 20m to add revenue of € 434m
- The transaction offers a significant opportunity for value creation and will be immediately accretive to Randstad's earnings per share
Randstad anticipates to close the transaction towards the end of June 2013.
Conclusion:
With the approval from the European Commission an important hurdle has been cleared. The timing of the closure of this transaction is in line with expectations. Our scenario includes the consolidation of USG’ staffing businesses in Spain, Italy, Poland, Switzerland, Luxembourg and Austria as from 3Q13.