Adecco Announces Sale of jobpilot to Monster Worldwide
The Board of Directors (the "Board") of Adecco S.A. ("Adecco") announces that the Company has completed the sale of 100% of the issued and outstanding share capital of jobpilot GmbH ("jobpilot") to Monster Worldwide Inc. ("Monster") for a total purchase price of €74.5 million net of cash disposed.
Apr 23, 2004
As consideration, Adecco has received one million Monster shares valued at approximately €23.4m and €51.1m in cash. As a result of the sale, Adecco will record a book gain of approximately €20m in the second quarter of 2004.
The Board decided last year to review strategic alternatives for jobpilot after recognizing that a jobsite was more suited to an interactive company than to Adecco's core staffing business. The Company developed AdeccoWeb, its on-line recruitment and placement capability, as an integrated part of its staffing business.
Chief Executive Officer Jérôme Caille said, "We purchased jobpilot to complement our staffing services offering. As the business model evolved more towards interactive services, we made a decision to sell the business, in parallel with the staffing industry who have also disposed of their jobsite businesses. Indeed, Monster arrived at a similar conclusion through spinning-off its staffing businesses and focusing on developing its on-line businesses."
Caille further added, "Monster represents a good home for the business to continue to pursue its growth strategy, and jobpilot management are fully supportive of the sale."
Founded in 1995, jobpilot is a leading European on-line job-board with operations in 11 countries. Adecco acquired the business in May 2002 for approximately €60m net of €12m cash acquired. jobpilot reported unaudited net sales of €26.9m in 2003.