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.

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