Tokyo-listed company buys out Programmed in $791M acquisition

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Persol Group, one of Japan’s largest staffing companies, has acquired all of Programmed’s shares for $3.02 per share, making it one of the largest integrated HR services groups in the Asia Pacific.

The Australian temporary staffing company employs over 20,000 people across Australia and NZ in a range of industries, while Persol already has 32,000 staff throughput the Asia Pacific with a market capitalisation of ¥492 billion5 (AU$5.7B).

Programmed’s shareholders have now lodged a scheme of arrangement with the Australian Securities and Investments Commission (ASIC) after the deal was approved by the Federal Court.

Financial & Corporate Relations Manager Ashley Rambukwella tells us that while Programmed will be delisted in Australia, everything else will continue as normal for Programmed’s staff.

“Programmed will be an extension of Persol as a company,” he said.

Persol Director Toshihiro Ozawa, who negotiated the acquisition, will also become Chairman of the group in Australia.