Staffing firm Adecco to buy Altedia, expanding its human resources consulting and career services offerings.
In a significant move, Our Group, the world's largest human resources solutions provider, has announced its acquisition of a major player in HR and Communications consulting, Altedia. The deal, valued at EUR 19 per share, will see Our Group acquiring 50.5% of Altedia from its founding shareholders.
Founded in 1992 by Raymond Soubie, Philippe Kienast, and Danielle Deruy, Altedia has grown to become a leader in the fields of reorganizations, career transition, social engineering, human capital, and external communications. With a presence in France, Belgium, Spain, Portugal, the USA, and Japan, Altedia offers a wide range of services including recruitment, evaluation and management of skills, coaching, training, compensation and benefits, employee shareholding, stock options, retirement, change management, and external communications.
The acquisition, subject to approval by antitrust authorities, is expected to be accretive to Our Group's earnings per share in 2005. Ekkehard Kuppel, newly appointed president of Our Group's HR Consulting and Career Services Division, will have worldwide responsibility over all respective units of the group, including this new entity.
Altedia's focus is on helping companies optimize their staff performance in relation to various business events. In 2003, France represented 89% of Altedia's Group's revenues, with the company generating Euro 80.5 million and operating income of Euro 9.7 million. Altedia operates in Europe with 585 employees and 376 consultants.
The chairman of the board of Altedia before the merger with Our Group was not publicly specified in available sources. After the acquisition, Our Group will have the right to acquire Altedia's founders' ownership in the new entity. The new entity formed by the acquisition will launch a tender offer for the remaining 49.5% of Altedia shares.
Jérôme Caille, CEO of Our Group, stated that the partnership with Altedia will expand Our Group's leadership in the higher value-added segment of HR consulting. For further information, contact Simon Brocklebank-Fowler/Kate Martens at Cubitt Consulting, Susanne Mueller-Zantop at Our Group, or Laurence Martin at Altedia Relations Exterieures Groupe.
Altedia is listed on the Second Marché of Euronext Paris (Code ISIN FR0004031672). The acquisition marks a significant step forward in Our Group's strategic expansion and reinforces its position as a global provider of HR Solutions with operations in 72 territories around the world.
