Hamburg, January 27, 2005 – LAWFUEL – The Law News Network – White & Case LLP advised Adecco, the world?s largest provider of human resources services, on its acquisition of rival German recruitment consultancy, Deutsche Industrie Service (DIS), for $636 million. The deal is expected to close in March, 2006, subject to regulatory approval.
The Firm also advised Jacobs Holding AG, Adeccos major shareholder, recently in its ?1 billion acquisition of the company from co-founder Philippe Foriel-Destezet, in December 2005. Dr. Christian Jacobs, lead White & Case partner on both transactions, said, “Economic recovery and labour market reform in Germany have led to greater demand for temporary workers. DIS has been extremely successful in these conditions, more than tripling its stock over the last two years alone. Adeccos purchase confirms its commitment to the German market, where it is now one of the leading players.”
In its largest purchase since a $1.6 billion (approx. $1.3 billion) takeover of Olsten in 2000, Switzerland-based Adecco agreed to pay DISs majority shareholder, the Paulmann family, $54.50 a share in cash for its entire 29 per cent stake. Adecco has also announced its intention to launch a voluntary public tender offer for the remaining shares at the same price. It plans to finance the acquisition through debt, with company reports indicating the sale of bonds within the next 18 months.
Advice pertaining to contractual (corporate/M&A), takeover, financing, SEC and competition law advice was provided by White & Case. Advising on the deal alongside Dr. Christian Jacobs in the Firm?s Hamburg office were partners Prof. Dr. Eberhard Meincke, Dr. Bjarne Petersen and Dr. Volker Land. Advising on the deal in the Firms New York office were partners Gregory Pryor and John Reiss. In Paris was partner Vincent Morin and in London, partner Francis Fitzherbert-Brockholes.