The Adecco Group completes acquisition of majority stake in AKKA Technologies

- The Adecco Group has acquired 59.91 percent of AKKA Technologies shares from the Ricci Family Group and SWILUX S.A., a wholly owned subsidiary of Compagnie Nationale à Portefeuille SA, bringing its total holding to 64.72 percent

- Modis, the Adecco Group's high-tech services business, will be combined with AKKA, a leader in engineering R&D services, to become a leading engineering and digital solutions business in the Smart Industry market

- Akkodis will become the global brand for the combined business, leveraging the existing value of both brands and providing a clear, distinct brand proposition to customers and colleagues to amplify business development

- Highly experienced leadership team appointed under the leadership of Jan Gupta, President; Dominique Cerutti appointed Senior Advisor to Jan Gupta and the future Akkodis business unit

- The Adecco Group's strategic implementation toward high-value, technology-led services is accelerated and the Group's unique solutions ecosystem strengthened

- Good line of sight on c.70% of 2022's synergy target, corresponding to over €15 million synergies

- Transaction expected to be margin and EPS accretive in year one and EVA positive in year three

- Mauro Ricci and Jean-Franck Ricci will receive 1,626,772 newly created ordinary shares of Adecco Group AG with a 24 month lock-up period

- The Adecco Group will launch a Mandatory Tender Offer for remaining AKKA Technologies securities; completion expected by end H1 2022

Jean-Christophe Deslarzes, Chair of the Adecco Group said: "The completion of the acquisition of a majority holding in AKKA Technologies announced today is of paramount strategic importance to our Group. AKKA and Modis combined will be a global market leader in technology and digital engineering. Its integration accelerates the Group's Future@Work strategic implementation toward high-value and technology-led services. The three Global Business Units - Adecco, LHH and, in the future, Akkodis – will be recognised market leaders, reinforcing the Adecco Group's solutions ecosystem and its unique ability to meet the transformation needs of customers, underpinned by talent."

Alain Dehaze, CEO of the Adecco Group, commented: "We extend a warm welcome to our new colleagues and customers. With the best team in the industry, the future business, Akkodis, is uniquely positioned to meet the rising demand from customers for high-tech experts to scale up their innovation, improve productivity and accelerate digital transformation. We will now begin the integration of AKKA and Modis that will create a Smart Industry leader, delivering significant value for all stakeholders."