Randstad acquires Monster Worldwide for $429 million
Randstad Holding nv has announced acquisition of jobs website Monster.com. The Amsterdam-based human resources and recruitment specialist is buying Monster for $429 million in cash.
Under the terms of the merger agreement, Randstad will pay $3.40 per share in cash, or a total purchase price of approximately $429 million (enterprise value). Massachusetts-based Monster is among the very first e-commerce companies to go public in the 1990s, during the dotcom boom. During its heydays, Monster had a share price of over $91 and a market cap of nearly $8 billion.
With Monster acquisition, Randstad aims to build the world’s most comprehensive portfolio of HR services. Monster will continue operating as a separate and independent entity under the Monster name.
“In an era of massive technological change, employers are challenged to identify better ways to source and engage talent,” said Jacques van den Broek, CEO of Randstad. “With its industry leading technology platform and easy to use digital, social and mobile solutions, Monster is a natural complement to Randstad. The transaction is aligned with our Tech and Touch growth strategy and reflects our commitment to bringing labor supply and demand closer together to better connect the right people to the right jobs. We look forward to welcoming the Monster team and working together to shape the evolving global job industry.”
“Joining Randstad provides a unique opportunity to accelerate our ability to connect more people to more jobs,” said Tim Yates, CEO of Monster. “Together with Randstad, Monster will be better positioned to fulfill our core mission, and our employees will benefit from becoming part of a larger, more diversified company. Equally important, this transaction offers immediate value to our shareholders. We are excited to join and be supported by Randstad, as we continue to build the best recruiting media, technologies, and platforms. We look forward to working with the Randstad team to ensure a smooth transition.”
SOURCE: PTI