Cleary Gottlieb represented Credit Suisse (Switzerland) Ltd. (Credit Suisse) as financial advisor to the Adecco Group in the acquisition of AKKA Technologies SE (AKKA Technologies) for a consideration that values AKKA Technologies at an enterprise value of €2 billion.
The transaction will be effected by way of an initial acquisition by Adecco Group of a majority stake in AKKA Technologies from the Ricci family and SWILUX SA (Swilux), a fully owned subsidiary of Compagnie Nationale à Portefeuille SA (CNP), followed by a mandatory tender offer in Belgium and France for the remaining AKKA Technologies securities.
The transaction was announced on July 28, 2021. The transaction is anticipated to close in H1 2022, subject to customary closing conditions.
Adecco Group intends to combine AKKA Technologies with its subsidiary Modis International AG (Modis), a global consulting firm delivering cross-industry expertise in technology and digital engineering, tech talent services, and up- and re-skilling with a global presence of more than 30,000 consultants in over 20 countries. AKKA Technologies and Modis would together create a business generating €3.7 billion of revenues and be the global number two in the engineering R&D services market with 50,000 engineers and digital experts.
AKKA Technologies, headquartered in Belgium, is a global leader in engineering consulting and R&D services and employs around 20,000 engineers and digital experts worldwide. AKKA Technologies has a strong presence in Europe and in the mobility sector (automotive, aerospace, and railway). AKKA Technologies reported revenues of €1.8 billion in 2019 and €1.5 billion in 2020, and an adjusted operating profit margin of 8% in 2019 and 1.3% in 2020.
Adecco Group is a Fortune Global 500 company headquartered in Switzerland and listed on the SIX Swiss Exchange. Adecco Group is the world’s leading talent advisory and solutions company, active in 57 countries with 30,000 employees.
Adecco Group’s press release is available here.