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Zacks' 7 Best Strong Buy Stocks (New Research Report)
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Valued at $99, click below to receive our just-released report
predicting the 7 stocks that will soar highest in the coming month.
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ManpowerGroup (MAN) to Gain From ettain Buyout: Here's How
ManpowerGroup Inc. (MAN - Free Report) recently announced that it has completed the acquisition of ettain group for $925 million in cash. The acquisition was initially announced on Aug 24.
Founded in 1996, ettain is one of the largest privately held IT resourcing and services providers in North America. Its strength lies across Financial Services, Healthcare IT, Government and Technology clients. The company has 28 offices located in 24 key regions across North America.
So far this year, shares of ManpowerGroup have gained 23.5% compared with 44.6% growth of the industry it belongs to.
How Will ManpowerGroup Benefit?
ettain has become a part of Experis, ManpowerGroup's global IT resourcing and services brand. This should strengthen Experis’ global IT business, especially in serving Financial Services, Healthcare and Government clients. The combined entity is expected to have total annual revenues of more than $4.5 billion globally and more than $1.7 billion in North America.
The acquisition is expected to boost ManpowerGroup’s adjusted earnings per share in 2021 and 2022 and help the company diversify its business mix into higher growth and higher value services.
Becky Frankiewicz, ManpowerGroup president, North America, said; "We are delighted to welcome the talented ettain team to ManpowerGroup. ettain's winning culture, expert team and breadth of solutions complements Experis and together we are uniquely suited to provide greater IT solutions expertise to our clients as well as wider IT opportunities to our people across North America."
Zacks Rank and Other Stocks to Consider
ManpowerGroup currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
Some other similar-ranked stocks in the broader Zacks Business Services sector are Gartner (IT - Free Report) , BGSF Inc. (BGSF - Free Report) and Avis Budget (CAR - Free Report) , each carrying a Zacks Rank #2 as well.
The long-term expected EPS (three to five years) growth rate for Gartner, BGSF and Avis Budget is pegged at 13.5%, 20% and 27.5%, respectively.