Kelly completes sale of European staffing business to Gi Group for €100M cash

KELLY SERVICES INC

Cash proceeds of €100M at close; additional earnout based on adjusted 2023 EBITDA payable in Q2 2024 if achieved.
Sale sharpens focus on global MSP/RPO and North American specialty services; four reportable segments now.
Expects normalized adjusted EBITDA margin of 3.3%–3.5%, with ~30 bps benefit from the sale on pro forma 2023 basis.
Transaction accelerates transformation to improve net margin and redeploy capital for organic and inorganic growth.

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