ManpowerGroup Workforce Solutions Provider (HOME) has signed an agreement with total cash of $ 925 million to acquire ettain group, a private IT resources and services company.
Upon completion of the agreement, ettain will become part of ManpowerGroup’s global resource and computing brand, Experis. The agreement is expected to strengthen ManpowerGroup’s strength in providing IT services to the financial and healthcare services industries.
The transaction will be funded with ManpowerGroup’s existing cash balance and about $ 150 million from its revolving credit facility, which the company intends to repay over a 12-month period. The deal is expected to end in September 2021. (See ManpowerGroup stock charts at TipRanks)
ManpowerGroup President and CEO Jonas Prizing said: “We are pleased to announce the acquisition of Ettain, which is accelerating our strategy to diversify our business mix into higher growth and more value services, continuing with the expansion of our United States and the world. Experience IT resources and services business. ”
Last month, Robert W. Baird analyst Mark Marcon reiterated the stock’s buy rating with a target price of $ 143 (upward potential of 18.1% from current levels).
Marcon noted that “management is investing in technology initiatives such as its PowerSuite technology stack and mobile applications / platforms (such as deploying Mon Manpower-like applications in other key markets) that should provide scalability and improve recruiter productivity.” .
The rest of the street is cautiously optimistic about stocks with a moderate buy consensus rating based on 3 buys, 1 hold and 1 sell. ManpowerGroup’s average price target of $ 123.80 implies a bullish potential of 2.25%.
MAN gets an 8 out of 10 on TipRanks ’Smart Score scoring system, suggesting that stocks are likely to outperform market averages.
Riot offers mixed second-quarter results; Shares gain 1.5%
Swan signs $ 2 billion accelerated share repurchase agreements
IFF will sell microbial control business for $ 1.3 million
Sometimes we include links to online retail stores. If you click on one and make a purchase we may receive a small commission.