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Work Service concluded the agreement for acquisition of Hungarian company Prohuman

Work Service Group concluded the agreement for acquiring the remaining 25% of Hungarian company Prohuman. The company being acquired is the leader on the Hungarian market in providing services of temporary job with its share of more than 22% of the market and the fastest developing entity in the structures of the Group. The value of the transaction shall amount up to HUF 7 325 billion and will be paid in three tranches. The total settlement of the transaction will be made by 29th of June 2018.

Work Service concluded conditional agreement with Profólió Projekt Tanácsadó for purchase of 25% of shares in the Hungarian company Prohuman. Closing this transaction will give the Group 100% of shares of Prohuman share capital.

“Concluding the investment agreement with Profólió Projekt Tanácsadó gets us significantly closer to finalizing this transaction. For the past few months we have been working on the agreement intensively. This is a good result, considering the complexity of the process. The finalization of transaction is estimated for the first half of 2018” – says Maciej Witucki, the President of Work Service S.A.

Within the first tranche, to 25th of November, Work Service will acquire shares entitling to exercise 80.22% of votes on the general meeting of the company. WSE will purchase the remaining 19.78% in the next two tranches executed after fulfilling all the requirements determined in the agreement, on 31st of January 2018 (4.98%) and on 29th of June 2018 (14.8%). The value of transaction will amount up to HUF 7,325 billion, which according to the average exchange rate of NBP (National Bank of Poland) will amount to PLN 100.6 million.

“Prohuman is the number 1 in Hungary, and the business development on that market is an important element of the international development strategy executed by us. Only in the first 6 months of this year, we made more than PLN 200 million of revenue on the Hungarian market. Moreover, we contributed to the 20% increase of Hungarian business volume, if we take into account this year's result of acquisition of PHU Group” – adds Maciej Witucki.

Since 2010, Prohuman has increased its level of revenues by 600%. The company employs 17 thousand temporary workers in total and this is the biggest number of temporary workers employed compared to competitive companies. At the same time, the ongoing low unemployment on the Hungarian market and rising staff deficits increase the demand for services of temporary job agencies. 

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Work Service capital group was established in 1999 and is the largest provider of HR services in CEE. It operates in Poland through network of local branches and abroad in 16 countries (Russia, Germany, Czechia, Turkey, Romania, Hungary, Slovakia, United Kingdom, Belgium, France, Switzerland, Slovenia, Croatia, Serbia, Bulgaria, China). It specializes in personal advisory services, HR restructuring, recruitment, temporary staffing and outsourcing. More than 3,000 companies have already chosen Work Service as their business partner. Each day 50,000 persons and 300,000 persons annually find employment with support of Work Service Group. Work Service is listed on Warsaw Stock Exchange and London Stock Exchange.

 

Press officer:

Andrzej Kubisiak
Analyses and Communication Team Director at Work Service S.A.
mobile: +48 512 176 030
e-mail: andrzej.kubisiak@workservice.pl

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Press Officer

Andrzej Kubisiak


Andrzej Kubisiak

tel. +[48] 512 176 030
andrzej.kubisiak@workservice.pl

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