News - Agreement To Acquire Kelly’s European Staffing Business

Gi Group Holding enters definitve Agreement to acquire Kelly’s European Staffing Business

Expected to Close in the First Quarter of 2024, the €100 million transaction will further Strengthen Gi Group Holding’s Staffing Offering in the European Region.
Milan, Italy (November 2, 2023)

Gi Group Holding today announced that it has entered into a definitive agreement to acquire the European Staffing business of Kelly (Nasdaq: KELYA, KELYB), a leading global specialty talent solutions provider, for cash consideration of up to €130 million. The transaction – with cash consideration of €100 million and an additional earnout potential of up to €30 million – is expected to close in the First Quarter of 2024, subject to receipt of required regulatory approvals and other customary closing conditions.

Under the terms of the agreement, Kelly will transition its European staffing business within its international operating segment to Gi Group Holding, providing staffing services to customers in 14 countries.

This agreement highlights the strong growth trajectory for Gi Group Holding as a leader in the global staffing and recruitment industry through an HR ecosystem that offers a full suite of tailored solutions through seven complementary brands present in more than 30 countries worldwide. The transaction highlights a continued journey of growth, with this marking the 51st acquisition in the company’s history since 1998.

Today is an exciting step for Gi Group Holding, as we advance our ambition to grow both organically and through strategic acquisitions. Kelly’s European staffing business will strengthen our presence and capabilities in Europe, allowing us to scale up and draw on Kelly’s expertise in the region, while staying true to our commitment to contribute to the positive evolution of the labor market

Gi Group Holding has been assisted by:

  • Baker McKenzie – Legal Advisors

Piazza Meda, 3, 20121 Milano, Italy
280 Bishopsgate, London EC2M 4RB, United Kingdom

  • Deloitte – Tax and Financial Advisor

Via Tortona, 25, 20144 Milano, Italy 

Gi Group Holding people involved:

  • Maurizio Uboldi, Chief M&A Officer
  • Dario Dell’Osa, Chief Legal Officer
  • Nicola Dell’Edera, Chief Financial Officer
  • Martina Colli Lanzi, Global M&A Integration Manager
  • Alessandro Berganton, Global M&A Strategic Project Manager
  • Maxime Courrege, Global M&A Strategic Project Manager
  • Sara Leone, Global Legal Counsel
Share this news

Discover more