(Alliance News) - Adecco Group AG on Wednesday said it issued 5.1 million shares priced at CHF49.60 each, a 2.9% discount from its closing price on Tuesday, to fund the acquisition of Akka Technologies SE.
The placing raised CHF253.0 million, or EUR232.3 million.
Shares were down 1.6% to CHF50.28 in Zurich on Tuesday.
The Zurich-based recruitment agency is buying Akka, an engineering consultancy based in Brussels, for an enterprise value of EUR2.0 billion. The deal is part of Adecco's strategy to focus on "high-value, technology-led services in less cyclical markets," and is expected to close in the first half of 2022.
Chief Financial Officer Coram Williams said: "Today is an important milestone in the process to acquire Akka Technologies and another step in executing on our strategy. With the successful placing of new shares, investors are demonstrating their support for this transaction and its significant value creation opportunity, which includes strong earnings accretion in 2022."
By Ivan Edwards; ivanedwards@alliancenews.com
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