French staffing firm Groupe Crit announced the signing of a Memoranda of Understanding to acquire Italian staffing firm Openjobmetis.

The acquisition would be carried out in cash at a price of €16.50 per Openjobmetis share, entirely financed with equity and would increase Groupe Crit's stake in Openjobmetis to 57.7% of the capital and 53.6% of the voting rights (including treasury shares).

Groupe Crit sent a letter to the Board of Directors of Openjobmetis informing it of these acquisitions, so that it can decide on the performance of confirmatory due diligence in compliance with the rules applicable in the circumstances.

The French staffing firm plans to finalise the acquisition at the beginning of 2024, subject to the usual conditions precedent, including the approval of the competition authorities and the approval of the Italian government.

Should the acquisition of the stakes be finalised, Groupe Crit would launch a mandatory tender offer at a price per share equal to the consideration, targeting all the outstanding Openjobmetis ordinary shares and aim for a delisting.

In relation to the potential transaction, it is expected that the current management of Openjobmetis (i.e., the chairman, the vice chairman, and the CFO) will remain in office with managerial and operational continuity for at least the next three years, until the date of the shareholders' meeting called to resolve upon the approval of the financial statements as of 31 December 2026. Openjobmetis CEO Rosario Rasizza will be confirmed to lead the company for the three-year period 2024-2026.

Groupe Crit said it is ‘delighted with this acquisition’ which allows it to extend its geographical coverage to Italy and marks a major step forward in its positioning in Europe. Following the deal, the French staffing firm said it should exceed €3.3 billion in annual turnover on a proforma basis.

Blackwood Capital is advising Group Crit on the acquisition of Openjobmetis.

Openjobmetis ranks as the 32^ndLargest Staffing Firm in Europe while Groupe Crit ranks as the 12^th largest.

Earlier this week, Openjobmetis announced that it signed a preliminary contract to acquire 100% of the share capital of Just on Business SpA, as well as 100% of the share capital of the subsidiary Deine Group Srl.

Revenue for the nine-month period for Openjobmetis stood at €560.6 million. Meanwhile, Groupe Crit reported nine-month revenue of €1.88 billion, up 6.2% and an increase of 1.6% on a constant currency, organic basis.