Dutch HR firm Randstad to buy US rival SFN Group for $770 million
21 Jul 2011
Randstad Holding N V, the world's second largest human resources (HR) services provider yesterday said that it is buy out its US rival SFN Group for about $770 million in cash.
Netherlands-based Randstad will pay $14 a share for SFN, a premium of 53 per cent the Fort Lauderdale, Florida-based company's closing price on 19 July.
Post acquisition, Randstad said that it will become the third-largest HR services provider in North America, doubling its presence in the US and reinforcing its leading position in Canada.
SFN is a strategic workforce solutions company that provides professional services and general staffing. It has placed millions of individuals in temporary, temp-to-hire and full-time jobs for more than 65 years.
With approximately 560 locations in the US and Canada, SFN provides its services to over 8,000 customers, from Fortune 500 companies to a wide range of small and mid-size organisations. The company employs more than 170,000 people annually through its network and is one of North America's largest employers.
Founded in 1960, Randstad operates in more than 40 countries, representing more than 90 per cent of the global HR services market.