Randstad to acquire jobs site Monster for $429 million

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Monster will continue operating as a separate and independent entity under the same brand.

Randstad, a leading human resource services provider, is all set to acquire Monster Worldwide, a global leader in connecting jobs and people, as a move to expand its portfolio of HR services. Randstad has used M&A to accelerate its strategy during the last nine months.

 

Randstad will sign a definitive agreement under which Randstad will pay $3.40 per share in cash, or a total purchase price of approximately $429 million (enterprise value). Monster will continue to operate as a separate and independent entity under the Monster brand. However, Randstad will leverage Monster’s multiple distribution channels to bridge two different but complementary parts of the extended recruiting industry.

With the addition of Monster’s leading recruiting media, technologies, and platforms which connect people and jobs in more than 40 countries, Randstad hopes to further expand its services to offer both clients and candidates tools for increased efficiency and engagement, connecting more people to more jobs.

“In an era of massive technological change, employers are challenged to identify better ways to source and engage talent. With its industry-leading technology platform and easy to use digital, social and mobile solutions, Monster is a natural complement to Randstad,” says, Jacques van den Broek, CEO, Randstad.

“Joining Randstad provides a unique opportunity to accelerate our ability to connect more people to more jobs. Together with Randstad, Monster will be better positioned to fulfil our core mission, and our employees will benefit from becoming part of a larger, more diversified company,” says Tim Yates, CEO of Monster.

Randstad and Monster share a vision for the global job industry, which is to accelerate their ability to develop new and innovative capabilities that deliver greater value to job seekers and employers by bringing labour supply and demand closer together.

Under the terms of the merger agreement, Randstad has agreed to commence a tender offer, through a wholly-owned subsidiary, to acquire all of the outstanding shares of Monster common stock for $3.40 per share in cash.

The acquisition is structured as an all-cash tender offer for all outstanding issued common stock of Monster followed by a merger in which remaining shares of Monster would be converted into the same US dollar per share consideration as in the tender offer. The transaction does not have a financing condition and is expected to be completed in the fourth quarter of 2016, subject to regulatory approvals.

Monster is expected to be delisted from the NYSE and integrated into Randstad thereafter.

Randstad has used M&A to accelerate its strategy during the last nine months.

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