• Bloomberg


Recruit Holdings Co. agreed to buy USG People NV of the Netherlands for just over €1.4 billion ($1.5 billion) as Japan’s biggest provider of temporary staff seeks to boost growth in Europe.

Recruit will offer €17.50 ($19) in cash for each share in Almere, Netherlands-based USG, the companies said in a statement Tuesday. That’s a 31 percent premium above Monday’s closing share price. The offer has been endorsed by USG’s executive and supervisory boards.

The purchase builds on Recruit’s plans to become a leader in human resources by the end of the decade.

Chief Executive Officer Masumi Minegishi has said that the company is ready to spend about ¥700 billion ($5.8 billion) on acquisitions over the next three to five years.

“We are seeking to grow our business platforms in Japan and abroad organically and through acquisitions,” Minegishi said in a statement. “The acquisition of USG People is perfectly aligned with this strategy.”

Minegishi said in an interview in October last year that the company has identified about 100 companies as potential takeover targets as it seeks to compete with global peers such as Adecco SA and Manpowergroup Inc.

To help build its war chest, Recruit went public last year in an initial public offering that raised ¥197 billion. The company’s other deals have included buying German online restaurant reservation service provider Quandoo GmbH for ¥27.1 billion in March.

USG People founding shareholder Alex Mulder has agreed to tender his shareholding of 19.8 percent in USG People as part of the offer, according to the statement. The deal values USG People at €1.61 billion ($1.75 billion) when including net debt.

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