Adecco to acquire Spanish HR services company Humangroup

The Adecco Group, today announced that its wholly-owned Spanish subsidiary Adecco Iberia SA has entered into a definitive agreement to acquire Humangroup. Humangroup, a Spanish HR services company with sales of EUR 240 million, offers staffing services under the AltaGestin brand and outsourcing solutions under the Eurocen (logistics and manufacturing), Extel (call centers) and Eurovendex (sales and marketing) brands. With the acquisition of 100% of Humangroup, valued at EUR 57 million plus debt assumed of EUR 9 million, Adecco will further expand its offering as the leading HR services firm in Spain. The acquisition is expected to be accretive to EPS as of 2006 and is subject to approval by the antitrust authorities.

The acquisition of Humangroup is in alignment with our growth strategy of expanding into value-added services and consolidating our position in our core business. Adecco and Humangroup together will deliver a unique set of services including permanent and temporary staffing, specialized recruitment, training, outsourcing solutions, career transitioning and HR consulting, says Jrme Caille, CEO of the Adecco Group.

This transaction is a very positive move for our group in the fast growing Spanish market. We will continue to operate with all the brands in a healthy competition, while at the same time achieving operational synergies. This will result in an even higher quality of service for our clients and greater opportunities for both our colleagues and candidates, comments Enrique Snchez, Head of Adecco Central Europe, Iberia and Latin America.

Adecco Spain and Humangroup generated sales of more than EUR 900 million in 2004 and together have approximately 1,900 employees and 428 branches, providing employment opportunities to more than 52,000 people every day.