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Atlantic International Corp. (ATLN) entered a merger agreement on November 4, 2024, to acquire Staffing 360 Solutions, Inc. (STAF) in an all-stock deal valued at $25 million.
As per the terms of the agreement, Staffing 360 shareholders will receive 1.202 Atlantic shares for each Staffing 360 share, representing a value of $6.29 per share. The value represents a 270% premium from the stock’s last close.
Atlantic shareholders will own about 90%, and Staffing 360 shareholders will own about 10% of the merged company.
Staffing 360 is a staffing company that provides temporary, contract, and permanent staffing solutions, primarily in accounting, finance, IT, engineering, and administration sectors in the U.S. and U.K.
Atlantic International is a major staffing and workforce solutions company, providing HR services and specialized staffing across industries like light industrial, finance, and professional services, with over 12,000 employees supported weekly. Its main operating subsidiary, Lyneer Investments LLC, helps drive Atlantic’s growth and generates over $400 million in annual revenue.
After the merger is complete, which is expected in the next 90 days, Staffing 360 will keep its current leadership team and brand but will operate as a wholly-owned subsidiary of Atlantic.
Through the merger, Staffing 360 will work with Atlantic’s wholly-owned operating subsidiary, Lyneer Staffing Solutions.
“The merger provides a unique opportunity to increase (Atlantic’s) business by approximately 50 percent to an annualized revenue run rate of approximately $620 million and allows us to become an even bigger force in the broad staffing sector,” said Atlantic’s CEO Jeffrey Jagid.
Detailed information regarding this M&A transaction can be found on the Deal Metrics page here:
Deal Metrics for the acquisition of Staffing 360 Solutions, Inc. (STAF) by Atlantic International Corp. (ATLN)
The Deal Metrics page for each merger or acquisition includes:
– A spread history chart of the merger from announcement through eventual completion or failure.
– Each event as the merger progresses through the expiration of the HSR period, various regulatory approvals, shareholder votes, etc.
– News and SEC filings.
– A history of deal updates.
– And much more.
Disclaimer: Please conduct your own due diligence before buying or selling any securities mentioned in this article. We do not warrant the completeness or accuracy of the content or data provided in this article.
Editor’s Note: Baranjot Kaur contributed to this article