November 5, 2019 / 6:13 AM / 14 days ago

BRIEF-Adecco Sells Soliant Health For $612 Mln To Olympus Partners

Nov 5 (Reuters) - Adecco Group AG:

* ADECCO GROUP ANNOUNCES DIVESTMENT OF SOLIANT HEALTH IN US

* SALE IS PART OF ADECCO GROUP’S STRATEGY TO CONCENTRATE ON GLOBALLY SCALABLE BRANDS AND DIGITAL SOLUTIONS

* DEFINITIVE AGREEMENT TO SELL ITS US HEALTHCARE STAFFING BUSINESS, SOLIANT HEALTH, FOR A CASH CONSIDERATION OF USD 612 MILLION (EUR 551 MILLION), TO OLYMPUS PARTNERS

* IN 12 MONTHS ENDING 30 JUNE 2019, SOLIANT GENERATED REVENUES OF USD 344 MILLION (EUR 302 MILLION) AND EBITDA OF APPROXIMATELY USD 54 MILLION (EUR 47 MILLION)

* DIVESTMENT IS EXPECTED TO RESULT IN A GAIN ON SALE FOR ADECCO GROUP TO BE RECOGNISED UPON CLOSING

* TRANSACTION IS SUBJECT TO CUSTOMARY CLOSING CONDITIONS AND IS EXPECTED TO BE COMPLETED BY Q1 2020

* GROUP WILL PROVIDE AN UPDATE ON USE OF PROCEEDS WITH Q4 2019 RESULTS IN FEBRUARY 2020 Source text for Eikon: Further company coverage: (Berlin Speed Desk)

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