Tuesday, August 9, 2016 - 09:01
Dutch recruiter Randstad buys Monster job board for $430 million
Dutch employment agency Randstad is taking over its American rival Monster Worldwide in a deal involving approximately 429 million dollars, or about 387 million euros, ANP reports. Randstad is putting down $3.40 per Monster share in cash. The acquisition is financed through existing credit facilities. Monster will continue operating independently and under its own name. The Dutch agency sees Monster's many technological solutions for linking job seekers and employers as a welcome addition to its organization. This acquisition still needs to be approved by regulators. Randstad expects the deal will be finalized in the last quarter of this year. This past quarter Monster, which is active in some 40 countries, ended with a turnover of nearly 151 million dollars. This is the fourth takeover Randstad announced this year. In June the employment agency took over freelance marketplace Twago and its Japanese rival Careo Group. In May it announced the acquisition of Italian employment company Obiettivo Lavoro. According to Randstad, Monster will be the last merger for a while. In the coming time the Dutch agency will focus on settling the newly acquired companies into its organization.