Adecco concludes its US$612M divestment agreement with Olympus Partners

Leading global HR solutions giant, Adecco Group, has recently announced the successful completion of its divestment of US-based healthcare staffer Soliant Health to Olympus Partners for a cash consideration of US$612 million (EU€551 million).

Now, having gained all required approvals regarding regulations, Adecco has closed the deal with Soliant with J.P. Morgan Securities acting as Adecco's exclusive financial advisor. Adecco has called this move a step in the Group's greater strategy to focus on global scalability in its brands and digital solutions.

"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."

Alain Dehaze, CEO, Adecco Group

Completing a year cycle ending on June 30th, 2019, Soliant pulled in revenue of US$344 million (EU€302 million) and EBITDA of around US$54 million (EU€47 million). This deal is anticipated to mark an increase in gains on the sale for Adecco.

"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."

David Alexander, Head, Soliant Health

Upon release of Adecco's Q4 2019 results on February 26th, 2020, further information regarding the use of the capital will be elaborated on.

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