ManpowerGroup To Acquire ettain Group For $925M

ManpowerGroup Inc. MAN has agreed to acquire ettain group, a privately-held IT resourcing and services provider, for $925 million in cash.
ettain will become part of Experis, ManpowerGroup's global IT resourcing and services brand. When combined, the business will have total annual revenues of more than $4.5 billion globally, with more than $1.7 billion in North America.
The combination will provide increased strength in delivering IT services to the financial services and health care industries.
For the twelve months ended June 30, 2021, ettain pro forma Revenues were ~$724 million, and pro forma EBITDA was $75 million.
ManpowerGroup anticipates the acquisition to be accretive to 2021 and 2022 EPS, excluding one-time and integration costs.
The transaction is expected to close in late September 2021.
ManpowerGroup expects to fund this acquisition with existing cash and ~$150 million from its revolving credit facility, which it intends to repay over 12 months.
ManpowerGroup held cash and cash equivalents of $1.46 billion as of June 30, 2021.
Price Action: MAN shares closed higher by 0.70% at $120.22 on Monday.