Kelly Services (KELYA) – Completes Sale of European Staffing Business

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Thursday, January 04, 2024

Kelly (Nasdaq: KELYA, KELYB) connects talented people to companies in need of their skills in areas including Science, Engineering, Education, Office, Contact Center, Light Industrial, and more. We’re always thinking about what’s next in the evolving world of work, and we help people ditch the script on old ways of thinking and embrace the value of all workstyles in the workplace. We directly employ nearly 350,000 people around the world and connect thousands more with work through our global network of talent suppliers and partners in our outsourcing and consulting practice. Revenue in 2021 was $4.9 billion. Visit and let us help with what’s next for you.

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

European Staffing Sale. Yesterday, Kelly Services announced the completion of the sale of its European staffing business to Gi Group Holdings S.P.A. Kelly previously announced on November 2, 2023, that it had entered into a definitive agreement to sell the business to Gi. Kelly is retaining its global footprint and will continue to provide higher margin, higher growth potential MSP, RPO, and FSP solutions to customers in the EMEA region through KellyOCG.

Details. Kelly received cash proceeds of €100 million upon closing the transaction. An additional up to €30 million of proceeds from an earnout provision based on a multiple of an adjusted 2023 EBITDA measure would be payable in the second quarter of 2024 if achieved. Cash proceeds are expected to be redeployed in pursuit of growth through organic and inorganic investments. The Company has not disclosed the financial impact of removing the International Staffing business to the income statement, but we expect a disclosure by the fourth quarter conference call.

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