Recruiter Adecco to buy AKKA Technologies in €2bn deal

(Sharecast News) - Swiss recruitment firm Adecco has agreed to buy European engineering and technical consulting group, AKKA Technologies, in a €2bn deal.
AKKA will be combined with Adecco's science and IT staffing business, Modis.

Adecco pointed to revenue synergies in excess of €200m and cost synergies of €65m. It also said the deal will be margin and earnings per share accretive in year one and economic value added positive from year three.

Adecco chief executive officer Alain Dehaze said: "We are very pleased to announce today that AKKA Technologies and Modis will come together in a landmark transaction.

"Alongside our Workforce and Talent Solutions global pillars, we are creating a global market leader in technology and digital engineering. The combined business will be a trusted partner to the world's leading companies, with an ability to capture the accelerating demand for digital transformation through its Smart Industry focus."

The acquisition is expected to close in the first half of next year, subject to regulatory approvals.

At 1000 BST, Adecco shares were down 5.5% at CHF58.08, while AKKA shares were 89% higher at €46.56.