Randstad to Buy Monster Worldwide for $429 Million

Dutch recruitment firm Randstad Holding NV said Tuesday it plans to buy jobsearch website operator Monster Worldwide Inc. for $429 million, as it continues to expands its services.

Randstad is paying $3.40 a share for Monster, a 23% premium to its closing stock price on Aug. 8. The Dutch firm said it would finance the deal through existing credit facilities and expects to complete it in the fourth quarter of this year.

"In an era of massive technological change, employers are challenged to identify better ways to source and engage talent," said Jacques van den Broek, Randstad's chief executive.

"With its industry-leading technology platform and easy-to-use digital, social and mobile solutions, Monster is a natural complement to Randstad. The transaction is aligned with our tech and touch growth strategy and reflects our commitment to bringing labor supply and demand closer together to better connect the right people to the right jobs," he added.

"Joining Randstad provides a unique opportunity to accelerate our ability to connect more people to more jobs," Monster Chief Executive Tim Yates said.

"Together with Randstad, Monster will be better positioned to fulfill our core mission, and our employees will benefit from becoming part of a larger, more diversified company. Equally important, this transaction offers immediate value to our shareholders."

Write to Ian Walker at [e-mail]

(END) Dow Jones Newswires

August 09, 2016 04:15 ET (08:15 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.