Randstad Holding, a leading human resources services provider, and Monster Worldwide, a global leader in connecting jobs and people, today announced the signing of a definitive agreement under which Randstad will acquire Monster. Under the terms of the merger agreement, Randstad will pay $3.40 per share in cash, or a total purchase price of approximately $429 million (enterprise value).
By leveraging Monster's multiple distribution channels to bridge two different but complementary parts of the extended recruiting industry, Randstad intends to build the world's most comprehensive portfolio of HR services. Monster will continue operating as a separate and independent entity under the Monster name.
Founded in 1960 by Frits Goldschmeding, Randstad is based out in Diemen, the Netherlands. In 2015, Randstad had approximately 29,750 corporate employees and around 4,473 branches and inhouse locations in 39 countries around the world. The company generated revenue of $21.2 billion in 2015.
"In an era of massive technological change, employers are challenged to identify better ways to source and engage talent," said Jacques van den Broek, CEO of Randstad. "With its industry leading technology platform and easy to use digital, social and mobile solutions, Monster is a natural complement to Randstad. The transaction is aligned with our 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. We look forward to welcoming the Monster team and working together to shape the evolving global job industry."
Monster Worldwide, Inc. was founded in 1994, it is a global leader in connecting people to jobs. The company offers services in more than 40 countries.
Monster India started its operations in 2001. Headquartered in Hyderabad, the company has a presence in 11 other cities of India viz., Mumbai, Delhi, Bengaluru, Chennai, Pune, Kolkata, Ahmedabad, Baroda, Chandigarh, and Cochin.
"Joining Randstad provides a unique opportunity to accelerate our ability to connect more people to more jobs," said Tim Yates, CEO of Monster. "Together with Randstad, Monster will be better positioned to fulfill our core mission, and our employees will benefit from becoming part of a larger, more diversified company. Equally important, this transaction offers immediate value to our shareholders. We are excited to join and be supported by Randstad, as we continue to build the best recruiting media, technologies, and platforms. We look forward to working with the Randstad team to ensure a smooth transition."
Strategic and Financial Benefits of this acquisition
The deal is expected to be completed in the fourth quarter of 2016, subject to regulatory approvals.
Wells Fargo Securities is serving as exclusive financial advisor to Randstad and Jones Day is serving as legal counsel. Evercore Group L.L.C. is serving as exclusive financial advisor to Monster and Dechert LLP is serving as legal counsel.
In June 2016, Monsters competitor LinkedIn was acquired by Microsoft for $196 per share in an all-cash transaction valued at $26.2 billion, inclusive of LinkedIn’s net cash.
By leveraging Monster's multiple distribution channels to bridge two different but complementary parts of the extended recruiting industry, Randstad intends to build the world's most comprehensive portfolio of HR services. Monster will continue operating as a separate and independent entity under the Monster name.
Founded in 1960 by Frits Goldschmeding, Randstad is based out in Diemen, the Netherlands. In 2015, Randstad had approximately 29,750 corporate employees and around 4,473 branches and inhouse locations in 39 countries around the world. The company generated revenue of $21.2 billion in 2015.
"In an era of massive technological change, employers are challenged to identify better ways to source and engage talent," said Jacques van den Broek, CEO of Randstad. "With its industry leading technology platform and easy to use digital, social and mobile solutions, Monster is a natural complement to Randstad. The transaction is aligned with our 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. We look forward to welcoming the Monster team and working together to shape the evolving global job industry."
Monster Worldwide, Inc. was founded in 1994, it is a global leader in connecting people to jobs. The company offers services in more than 40 countries.
Monster India started its operations in 2001. Headquartered in Hyderabad, the company has a presence in 11 other cities of India viz., Mumbai, Delhi, Bengaluru, Chennai, Pune, Kolkata, Ahmedabad, Baroda, Chandigarh, and Cochin.
"Joining Randstad provides a unique opportunity to accelerate our ability to connect more people to more jobs," said Tim Yates, CEO of Monster. "Together with Randstad, Monster will be better positioned to fulfill our core mission, and our employees will benefit from becoming part of a larger, more diversified company. Equally important, this transaction offers immediate value to our shareholders. We are excited to join and be supported by Randstad, as we continue to build the best recruiting media, technologies, and platforms. We look forward to working with the Randstad team to ensure a smooth transition."
Strategic and Financial Benefits of this acquisition
- Brings Together Complementary Visions to Lead Transformation: Randstad and Monster have a shared vision for the global job industry, which is rapidly transforming as a result of technology advances. The transaction is intended to accelerate their ability to develop new and innovative capabilities that deliver greater value to job seekers and employers by bringing labor supply and demand closer together.
- Creates Most Comprehensive and Technologically Advanced Capabilities for Human Resources Services: Randstad continues to enhance its business model in the rapidly shifting landscape, placing annually more than 2 million people worldwide through its network of more than 4,500 branches and client-dedicated services. With the addition of Monster's leading recruiting media, technologies, and platforms which connect people and jobs in more than 40 countries, Randstad intends to further expand its services to offer both clients and candidates tools for increased efficiency and engagement, connecting more people to more jobs.
- Financially Compelling: The transaction is expected to be immediately accretive to Randstad earnings per share.
The deal is expected to be completed in the fourth quarter of 2016, subject to regulatory approvals.
Wells Fargo Securities is serving as exclusive financial advisor to Randstad and Jones Day is serving as legal counsel. Evercore Group L.L.C. is serving as exclusive financial advisor to Monster and Dechert LLP is serving as legal counsel.
In June 2016, Monsters competitor LinkedIn was acquired by Microsoft for $196 per share in an all-cash transaction valued at $26.2 billion, inclusive of LinkedIn’s net cash.
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