(Alliance News) - Openjobmetis Spa announced Tuesday that it has signed a preliminary contract to acquire 100 percent of the capital of Just On Business Spa and 100 percent of the capital of its subsidiary Deine Group Srl.

The agreed consideration is EUR29.7 million to be paid in cash. A three-year non-compete agreement with the founding partners for a total of EUR2.2 million is also to be signed.

Just on Business, founded in 1998 by the Molinari and Rombelli families, is an employment agency active in Italy, specializing in the healthcare and engineering sectors. In 2022 it reported revenues of about EUR97.1 million and Ebitda of about EUR2.5 million.

Deine Group, on the other hand, was founded in 2014 by Alberto Cetti and offers services complementary to administration development. In 2022 it reported revenues of about EUR3.3 million and Ebitda of about EUR500,000.

Openjobmetis Group Chairman Marco Vittorelli commented, "With the acquisition of Just On Business, we confirm the growth strategy that has allowed us to be among the leading players in the Italian market to date. Once again we have demonstrated our commitment and willingness, even through extraordinary operations, to create value for the shareholders who have placed their trust in our investment in Openjobmetis in recent years."

"As in the past," concluded Vittorelli, "the transaction represents a new but not last important milestone and a new starting point of the path that, together with those who have always believed in us, we continue to pursue with the enthusiasm that has always distinguished us.

Openjobmetis' stock on Tuesday closed in the green by 8.1 percent at EUR12.75 per share.

By Chiara Bruschi, Alliance News reporter

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