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Staffing 360 soars as Atlantic to takeover company in $25M deal

seekingalpha
2024-11-04
  • Atlantic International (OTCPK:ATLN) said it will acquire Staffing 360 (NASDAQ:STAF) in a $25M deal.
  • Shares of STAG soared 125.6% in premarket trade, while ATLN was up 0.4%.
  • The Staffing 360 shareholders will get 1.202 Atlantic shares for each Staffing 360 share.
  • Atlantic and Staffing 360 shareholders will own ~ 90% and 10%, respectively, of the combined company on a fully diluted basis.
  • The deal is expected to close within the next 90 days, and Staffing 360 Solutions (STAF) CEO Brendan Flood will serve as the president of the company.
  • The combination is expected to create cost efficiencies and decrease Atlantic’s operating expense ratio, leading to improved profitability, and the combined annual revenue is forecasted to be ~$620 million.
  • The deal is also expected to be highly synergistic, and will result in run-rate cost synergies/savings of ~$10 million.

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