Australia's PeopleIn jumps to 2-week high on acquisition of FIP Group

PeopleIn

03/06/2022 01:47

** Shares of workforce management services firm PeopleIn
 PPE.AX  climb as much as 9.7% to A$3.50, their best intraday
session since Jan. 27
    ** Stock hits highest level since May 20
    ** Says it has agreed to acquire FIP Group Holdings Pty Ltd,
which provides staff to the food sector in Australia
 urn:newsml:reuters.com:*:nASX2T3rlY 
    ** Deal for an upfront A$45 million, split as A$35 million
in cash and A$10 million in PPE shares 
    ** Expects deal to add ~15% to FY23 per share earnings 
    ** Sees annualised proforma EBITDA contribution of ~A$9.5
million from the deal 
    ** PPE down 27.3% YTD, as of last close 

 (Reporting by Harshita Swaminathan)
 ((Harshita.Swaminathan@thomsonreuters.com))