Kohlberg Kravis Roberts & Co. L.P. (KKR) announced that Japan's Temp Holdings Co Ltd agreed to buy Intelligence Holdings, Ltd. from KKR and the management and employees of Intelligence, for an enterprise value of JPY68.0 billion or $716 million, representing an equity value of about JPY 51.0 billion or $537 million.
The share transfer transaction is subject to customary closing conditions and approval by the Japan Fair Trade Committee and is expected to be completed in late April 2013, or on a date to be agreed by Temp Holdings and KKR.
Under definitive deal, Temp Holdings and Intelligence can meet evolving market needs and provide companies and job-seekers with a comprehensive range of high-quality HR services.
KKR stated that the combination of Temp Holdings and Intelligence will have revenues of more than JPY 320 billion or $3.370 billion, EBITDA of more than JPY 21 billion or $220 million, employ more than 10,000 people, and create an industry-leading franchise that can capture expanding opportunities in the Japan and Asia HR services markets.
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