August 9, 2016 / 5:55 AM / a year ago

BRIEF-Randstad to buy U.S. rival Monster for $429 million

Aug 9 (Reuters) - ** Recruitment company Randstad to buy job ads company Monster for $3.40 per share, a total of $429 million, or a 22.7 percent premium to Monster’s closing price on Aug. 8

** Monster will continue to operate as a separate entity under the Monster name

** 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.”

** Randstad will finance the acquisition through existing credit facilities

** Cumulative impact of this and other acquisitions on Randstad’s revenue will be 2 billion euros ($2.22 billion) on an annualized basis

** Randstad will now reduce the pace of M&A in the medium term to around 100 million euros

** Wells Fargo Securities is exclusive financial adviser to Randstad and Jones Day is serving as legal counsel. Evercore Group is serving as exclusive financial advisor to Monster and Dechert LLP is serving as legal counsel.

Source text for Eikon: Further company coverage: ($1 = 0.9028 euros) (Reporting By Thomas Escritt)

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