Adecco SA Disposal
05 November 2019 - 7:03AM
UK Regulatory
Dow Jones received a payment from Newsbox to publish this press
release.
Disposal
THE ADECCO GROUP ANNOUNCES DIVESTMENT OF SOLIANT HEALTH IN US
Zurich, Switzerland, 05 November 2019: The Adecco Group, the world's leading HR
solutions partner, announces that it has entered into a definitive agreement to
sell its US healthcare staffing business, Soliant Health, for a cash
consideration of USD 612 million (EUR 551 million), to Olympus Partners.
The sale is part of the Adecco Group's strategy to concentrate on globally
scalable brands and digital solutions.
Commenting on the divestment of Soliant, Alain Dehaze, CEO of the Adecco Group
said, "We regularly review our portfolio of businesses to confirm that we are
the best owner and to ensure an optimal capital allocation. Soliant is an
excellent business but with limited scope to expand outside of the US market,
which has unique healthcare market dynamics. In line with the Group strategy to
focus on globally scalable brands and digital solutions, this divestment is an
attractive way to unlock value for our shareholders. I would like to thank David
Alexander and his team for their strong performance leading Soliant within the
Adecco Group, and wish them continued success."
David Alexander, head of Soliant Health, commented, "Soliant is a strong
business that has thrived inside of the Adecco Group and we are pleased to have
reached an agreement that we believe will unlock value for both the Group, and
Soliant. As we look to this next chapter in our story we see strong potential
for growth as a standalone company by building on our unique strengths. We are
committed to business continuity through this transition period, and to the
continued success of our valued customers, healthcare professionals and
employees."
In the 12 months ending 30 June 2019, Soliant generated revenues of USD 344
million (EUR 302 million) and EBITDA of approximately USD 54 million (EUR 47
million). The divestment is expected to result in a gain on sale for the Adecco
Group to be recognised upon closing.
J.P. Morgan Securities LLC acted as exclusive financial advisor to the Adecco
Group on the transaction.
The transaction is subject to customary closing conditions and is expected to be
completed by Q1 2020. The Group will provide an update on the use of proceeds
with the Q4 2019 results in February 2020, in-line with its capital allocation
policy.
For further information please contact:
The Adecco Group Investor Relations
investor.relations@adeccogroup.com or +41 (0) 44 878 88 88
The Adecco Group Press Office
media@adeccogroup.com or +41 (0) 44 878 87 87
adeccogroup.com
Facebook: facebook.com/theadeccogroup
Twitter: @AdeccoGroup
Financial Agenda
· Q4 2019 results 26 February 2020
· Q1 2020 results 5 May 2020
· Q2 2020 results 6 August 2020
· Q3 2020 results 3 November 2020
· Capital Markets Day 2 December 2020
Forward-looking statements
Information in this release may involve guidance, expectations, beliefs, plans,
intentions or strategies regarding the future. These forward-looking statements
involve risks and uncertainties. All forward-looking statements included in this
release are based on information available to Adecco Group AG as of the date of
this release, and we assume no duty to update any such forward-looking
statements. The forward-looking statements in this release are not guarantees of
future performance and actual results could differ materially from our current
expectations. Numerous factors could cause or contribute to such differences.
Factors that could affect the Company's forward-looking statements include,
among other things: global GDP trends and the demand for temporary work; changes
in regulation of temporary work; intense competition in the markets in which the
Company operates; integration of acquired companies; changes in the Company's
ability to attract and retain qualified internal and external personnel or
clients; the potential impact of disruptions related to IT; any adverse
developments in existing commercial relationships, disputes or legal and tax
proceedings.
About Soliant Health
Soliant Health (Soliant) is a healthcare services outsourcing platform. The
company identifies and recruits highly-skilled healthcare professionals across a
wide range of specialties and connects them with healthcare providers in the
education, nursing, pharmacy, and life sciences segments, primarily on a
temporary basis. Soliant has approximately 500 employees and is headquartered in
Tucker, GA with offices in Florida, Illinois, Massachusetts, California and
Texas. Soliant joined the Adecco Group in 2009 through the MPS Group
acquisition.
About Olympus Partners
Founded in 1988, Olympus Partners is a private equity firm focused on providing
equity capital for middle market management buyouts and for companies needing
capital for expansion. Olympus is an active, long-term investor across a broad
range of industries including business services, food services, consumer
products, healthcare services, financial services, industrial services, and
manufacturing. Olympus manages in excess of $8.5 billion mainly on behalf of
corporate pension funds, endowment funds and state-sponsored retirement
programs.
About the Adecco Group
The Adecco Group is the world's leading HR solutions partner. We provide more
than 700,000 people with permanent and flexible employment every day. With more
than 34,000 employees in 60 countries, we transform the world of work one job at
a time. Our colleagues serve more than 100,000 organisations with the talent, HR
services and cutting-edge technology they need to succeed in an ever-changing
global economy. As a Fortune Global 500 company, we lead by example, creating
shared value that meets social needs while driving business innovation. Our
culture of inclusivity, fairness and teamwork empowers individuals and
organisations, fuels economies, and builds better societies. These values
resonate with our employees, who voted us in the top five on the Great Place to
Work® - World's Best Workplaces 2018 list, for the second year running. We make
the future work for everyone.
The Adecco Group is based in Zurich, Switzerland. Adecco Group AG is registered
in Switzerland
(ISIN: CH0012138605) and listed on the SIX Swiss Exchange (ADEN). The group is
powered by ten lead brands:
Adecco, Adia, Badenoch & Clark, General Assembly, Lee Hecht Harrison, Modis,
Pontoon, Spring Professional, Vettery and YOSS.
Press Release (PDF)
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