- 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.
Keybanc Maintains Overweight on Alibaba Group Holding, Lowers Price Target to $250
Keybanc analyst Hans Chung maintains Alibaba Group Holding (NYSE:BABA) with a Overweight and lowers the price target from $270 to $250.
