Benzinga | Aug 24, 2021 08:36AM EDT

ManpowerGroup To Acquire ettain Group For $925M

* ManpowerGroup Inc. (NYSE:MAN) has agreed to acquire ettain group, a privately-held IT resourcing and services provider, for $925 million in cash.

* ettain will become part of Experis, ManpowerGroup's global IT resourcing and services brand. When combined, the business will have total annual revenues of more than $4.5 billion globally, with more than $1.7 billion in North America.

* The combination will provide increased strength in delivering IT services to the financial services and health care industries.

* For the twelve months ended June 30, 2021, ettain pro forma Revenues were ~$724 million, and pro forma EBITDA was $75 million.

* ManpowerGroup anticipates the acquisition to be accretive to 2021 and 2022 EPS, excluding one-time and integration costs.

* The transaction is expected to close in late September 2021.

* ManpowerGroup expects to fund this acquisition with existing cash and ~$150 million from its revolving credit facility, which it intends to repay over 12 months.

* ManpowerGroup held cash and cash equivalents of $1.46 billion as of June 30, 2021.

* Price Action: MAN shares closed higher by 0.70% at $120.22 on Monday.