KELLY SERVICES INC (KELYA): M&A transaction — Kelly Services closes $425M acquisition of Motion Recruitment Partners

KELLY SERVICES INC

Purchase price $425M, funded with debt and cash including $100M from European staffing sale.
Earn-out of up to $60M possible in Q2 2025 based on gross profit exceeding agreed amount.
Credit revolver amended to $150M (can increase to $300M); securitization facility raised to $250M (can increase to $350M).
Borrowed $203M on securitization and $87M on revolver to fund deal; remaining capacity minimal.
Management to host webcast on June 18, 2024 to detail acquisition rationale and MRP financials.

item 1.01 item 2.01 item 2.03 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

KELLY SERVICES INC completed an acquisition involving MRP Topco Inc. for $425.0 million (closed 2024-05-31).

Action: acquisition
Counterparty: MRP Topco Inc.
Consideration: $425.0 million
Closing: 2024-05-31

Exact text from the filing

On May 31, 2024, the Company completed the transaction and acquired all of the outstanding equity interests of Motion in accordance with the terms of the Merger Agreement for $425.0 million, subject to customary adjustments for cash, indebtedness, working capital and transaction expenses.

View on SEC.gov

4 m&a transactions filed in the last 30 days. Browse all m&a transactions →

KELLY SERVICES INC filing history →

Source: SEC EDGAR

accession 0000055135-24-000021

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.