The European Commission approved the sale of Kelly Services Inc.’s (NASDAQ: KELYA, KELYB) European operations to Gi Group. The commission ruled the transaction would not raise competition concerns. The decision was announced Dec. 5.

Kelly Services and Gi Group announced the deal on Nov. 2.

Gi Group, a Milan, Italy-based staffing firm that ranks as the 19^th-largest staffing firm in the world, is acquiring 100% of Kelly’s European business. However, Kelly will continue to provide MSP, RPO and functional services provider services to customers in Europe and elsewhere.

Kelly will receive cash proceeds of €100 million (US$105.6 million), plus adjustments for net working capital. There is also the possibility of an earnout of €30 million (US$31.7 million) payable in the second quarter of next year. The earnout is based on a multiple of an adjusted 2023 EBTIDA measure.

The deal is projected to close by March 31, 2024.