Orient Corporation completed the acquisition of Recruit Forrent Insure Co.,Ltd. from Recruit Holdings Co.,Ltd..
October 02, 2017
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Orient Corporation (TSE:8585) agreed to acquire Recruit Forrent Insure Co.,Ltd. from Recruit Holdings Co.,Ltd. (TSE:6098) on August 25, 2017. On August 30, 2017, an agreement was signed. Orient Corporation will acquire 4,792 shares of Recruit Forrent Insure Co.,Ltd and will hold 100% stake in Recruit Forrent Insure Co.,Ltd. after the transaction. After completion of the transaction, Recruit Forrent Insure Co.,Ltd. will operate as a subsidiary of Orient Corporation. The Board of Directors passed a resolution for the transaction on August 25, 2017. The transaction is expected to be completed in mid of October 2017. Mitsubishi UFJ Morgan Stanley Securities acted as financial advisor to Recruit Holdings Co, Ltd.
Orient Corporation (TSE:8585) completed the acquisition of Recruit Forrent Insure Co.,Ltd. from Recruit Holdings Co.,Ltd. (TSE:6098) on October 3, 2017. Recruit Forrent Insure Co.,Ltd. will now operate as Orico Forrent Insure Co., Ltd.
Recruit Holdings Co., Ltd. specializes in human resources and support services. Net sales break down by activity as follows:
- staffing services (52.2%): temporary recruitment of staff for specialized, administrative, technical and other positions, etc;
- promotional services (29.4%): promotion of operations related to the events organization (especially weddings), housing search, trip search, etc. ;
- online recruitment services (18.4%).
Net sales are distributed geographically as follows: Japan (54.9%), the United States (21.4%) and other (23.7%).