AKKA & Modis combination
The Adecco Group announced on July 28, 2021, its intention to acquire AKKA Technologies at an offer price of €49.00 per share.
Modis, the Adecco Group’s high-tech services business, will be combined with AKKA, a leader in engineering R&D services, to become a leading engineering and digital solutions business in the Smart Industry market. Together, the new business will generate around €4 billion of revenues and have 50,000 engineers and digital experts.
On February 24, 2022, The Adecco Group announced it had completed the acquisition of a majority stake in AKKA.
On March 16, 2022, the Group launched an offer for all remaining AKKA securities, which ended on April 13, 2022. As a result, the Group holds 96.97% of the outstanding shares and 94.40% of the outstanding convertible bonds issued by AKKA.
As the Adecco Group held more than 95% of the outstanding shares, it then proceeded with a simplified squeeze out bid. Consequently, as of May 12, 2022, the Group became the owner of all outstanding securities, and AKKA shares were delisted.
Summary of the Prospectus [DUTCH]
Read the announcement news, including statements from Adecco Group, AKKA and Modis leadership:
FEBRUARY 24, 2022
“For our 20,000 engineers a new chapter begins today. AKKA is now part of the Adecco Group, bringing us one step closer to joining forces with Modis. Together, we will become a Smart Industry powerhouse, delivering cutting edge, end-to-end solutions, based on our enhanced global reach and highly complementary capability mix.
I want to thank all colleagues, partners and customers who have been instrumental over the past four decades in building AKKA into a leading player in engineering and R&D services, with a unique positioning in mobility. I am confident that Jan and the future leadership team will strengthen the robust foundations of both companies to unleash the potential of this new player as a long-term partner of our customers on their innovation journey.”
Mauro Ricci, Former Chairman & CEO of AKKA
FEBRUARY 24, 2022
“We extend a warm welcome to our new colleagues and customers. With the best team in the industry, the future business is uniquely positioned to meet the rising demand from customers for high-tech experts to scale up their innovation, improve productivity and accelerate digital transformation. We will now begin the integration of AKKA and Modis that will create a Smart Industry leader, delivering significant value for all stakeholders.”
“Over the past six months, the Adecco Group has planned extensively to bring AKKA and Modis harmoniously together from day one. A strong leadership team, led by Jan Gupta, is in place, bringing together the highest calibre managers from both AKKA and Modis to lever the strengths of both businesses, supported by a qualified integration team.”
Alain Dehaze, CEO of the Adecco Group
JULY 28, 2021
“This is a milestone day and major leap forward in our mission to be a leading enabler of Smart Industry, which is where IT and engineering technologies converge into a digital and connected world.”
“United, we will be a global engineering and digital solutions powerhouse, one that is a well-positioned and trusted partner worldwide, able to meet accelerating demand from customers who are facing technological disruptions and who need our services and skills to scale their transformation. We have the joint ambition to lead the market and to be in the forefront of accelerating innovation and time to market for our customers and partners. Together, we will engineer a smarter future.”
Jan Gupta, President of AKKA & Modis
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Adecco Group, AKKA and Modis will continue to provide timely and relevant updates via their usual channels and this website.