The announcement was for a total consideration of up to €130m (£113m), comprising €100m in cash and an additional earn-out potential of up to €30m. 

The transaction is expected to close in Q4 2023, pending necessary regulatory approvals and customary closing conditions.

Under the terms of the agreement, Kelly will transition its European staffing business within its international operating segment to Gi Group Holding, providing staffing services to customers in 14 countries.

Gi Group Holding has seven brands in 34 countries worldwide. This latest transaction marks GiGroup’s 51st acquisition since 1998, when the company was founded in Milan.

Its current brands are GiGroup, Grafton, Wyster, GIBPO, Tack/TMI, INTOO and Jobtome.

Gi Group Holding has been assisted by Baker McKenzie as legal adviser and Deloitte as tax and financial adviser.

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