AMSTERDAM (Thomson Financial) - Randstad Holding N.V. said it has agreed to
sell its Randstad Portugal operations to Kelly Services Inc. for an undisclosed
amount.
The agreement is in line with the decision to sell Randstad operations in
Portugal, made during the process of obtaining clearance from the European
Commission for the acquisition of Vedior, announced in March.
Vedior's operations in Portugal -- the Select and Vedior activities and
their associated entities-- were not part of the agreement with the EC and will
not be sold.
The divestment will not lead to changes in the announced total amount of
expected synergies, consisting of 80 million euros in annual run rate pre-tax
cost savings and 20 million euros in annual tax savings.
Randstad said the impact on the group's full year net income is considered
"non-material".
The transaction is subject to approval of the European Commission and is
expected to close in the third quarter.
Cornelia Messing; cornelia.messing@thomsonreuters.com
cmm/sal
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