ManpowerGroup (NYSE: MAN) agreed to purchase the Spanish business of IT solutions and staffing provider Ciber Inc. (NYSE: CBR). It is the most recent of several sales of Ciber’s European assets.
According to a Ciber Inc. filing in February with the US Securities and Exchange Commission, Ciber Inc. subsidiary Consultant in Business Engineering Research S.L.U. (“Ciber Spain”) and ManpowerGroup subsidiary Experis ManpowerGroup S.L.U. signed a purchase agreement for the sale of certain assets and liabilities of Ciber Spain. The terms of the agreement include an approximately $7.0 million cash purchase price with an additional $1.0 million earnout possible, depending on the performance of a certain Ciber Spain contract.
The acquisition strengthens ManpowerGroup Spain's IT staffing solutions capacity and its Experis brand which operates in the engineering, information technology and finance verticals. The transaction is expected to close by the end of February, when Ciber's business and employees will transfer to ManpowerGroup.
ManpowerGroup (NYSE: MAN) in August agreed to acquire Ciber’s Norwegian business for $7.0 million; that deal followed ManpowerGroup’s acquisition of Ciber Netherlands in June for $25 million.
Greenwood Village, Colo.-based Ciber also agreed in February to sell its business in Germany and Denmark to Munich-based Allgeier SE, a Munich-based IT staffing and software firm. The firms signed a purchase agreement for the sale of all of the outstanding shares of Ciber Germany, Ciber France SAS and Ciber Danmark. The transaction is expected to be completed in the first quarter of 2017, subject to the satisfaction of closing conditions.
According to a filing with the US Securities and Exchange Commission, Blitz 17-11, a subsidiary of Allgeier, agreed to pay an aggregate of approximately $8.8 million in three separate installments — at closing, in March 2018, and in March 2019 — subject to the achievement of certain operating performance targets for fiscal years 2017 and 2018.
The deals follow an agreement Ciber made in September to sell its business in Sweden to Bouvet Stockholm AB, a service provider of information technology, digital communication and enterprise management.
