Recruit announces two major acquisitions, sets sights on UK
14 January 2015
Japanese staffing firm Recruit, owner of job board Indeed and one of the largest players in the global staffing industry, this morning [14 January] announced its intention to buy two Australian recruitment companies.
Wed, 14 Jan 2015
Japanese staffing firm Recruit, owner of job board Indeed and one of the largest players in the global staffing industry, this morning [14 January] announced its intention to buy two Australian recruitment companies.
Subject to shareholder approval and legal formalities, it intends to acquire HR services provider Chandler McLeod Group for an estimated total cost of JPY28.9bn (£163m).
That acquisition is expected to be completed by April this year.
It also intends to acquire IT recruiter and HR services provider Peoplebank by the end of this month for an estimated total cost of JPY1.6bn.
Recruit’s wholly-owned subsidiary RGF Staffing Melbourne will acquire shares of both companies.
Mergers & acquisitions specialist Boxington Corporate Finance assistant director Mark Kingston told Recruiter Recruit was floated in the Tokyo stock exchange late last year.
The flotation generated about US$2bn (£1.3bn), of which about half will be used for acquisitions.
Kingston went on to say the UK was a priority market for the company, which was “actively seeking large acquisitions”.
According to a Recruit statement, its “long-term vision is to become the world’s leading HR media and staffing business by 2020, and operate the world’s leading matching platform in all business domains that the Recruit Group operates in by 2030, including the marketing media business”.
Subject to shareholder approval and legal formalities, it intends to acquire HR services provider Chandler McLeod Group for an estimated total cost of JPY28.9bn (£163m).
That acquisition is expected to be completed by April this year.
It also intends to acquire IT recruiter and HR services provider Peoplebank by the end of this month for an estimated total cost of JPY1.6bn.
Recruit’s wholly-owned subsidiary RGF Staffing Melbourne will acquire shares of both companies.
Mergers & acquisitions specialist Boxington Corporate Finance assistant director Mark Kingston told Recruiter Recruit was floated in the Tokyo stock exchange late last year.
The flotation generated about US$2bn (£1.3bn), of which about half will be used for acquisitions.
Kingston went on to say the UK was a priority market for the company, which was “actively seeking large acquisitions”.
According to a Recruit statement, its “long-term vision is to become the world’s leading HR media and staffing business by 2020, and operate the world’s leading matching platform in all business domains that the Recruit Group operates in by 2030, including the marketing media business”.
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