Randstad Holdings has acquired recruitment company Monster Worldwide in a $429m acquisition.
The HR company is looking to make the use of the brand’s substantial distribution channels to bolster its core HR service – at the price of $3.40 per share in cash.
Monster will continue operating as a separate and independent entity under the Monster name.
Jacques van den Broek, chief executive of Randstad said that “Monster is a natural complement to Randstad,” adding “the transaction is aligned with our Tech and Touch growth strategy and reflects our commitment to bringing labour supply and demand closer together to better connect the right people to the right jobs.”
Tim Yates, chief of Monster, added that the combination of both companies will make it easier to “connect more people to more jobs”.
He added: “Monster will be better positioned to fulfill our core mission, and our employees will benefit from becoming part of a larger, more diversified company.”
Ranstad annually places two million staff in jobs, Monster on the other hand said it operates in over 40 countries, the scale of the new offering will supersede each company’s individual footprint.