Summary by Moomoo AI
Atlantic International Corp. and Staffing 360 Solutions announced a definitive merger agreement on November 1, 2024, valued at approximately $25 million. Under the deal, Staffing 360 shareholders will receive 1.202 Atlantic shares for each Staffing 360 share, resulting in Atlantic and Staffing 360 shareholders owning approximately 90% and 10% of the combined company respectively.The merger will create a leading human capital management company with combined annual revenue of approximately $620 million and expected cost synergies of $10 million. Atlantic CEO Jeffrey Jagid will lead the combined company, while Staffing 360 CEO Brendan Flood will serve as President. The merged entity will serve over 1,500 customers, with no single customer generating more than 5% of total revenue.The transaction is expected to close within 90 days, subject to Staffing 360 shareholder approval and regulatory clearances. As part of the deal, Staffing 360 will continue operating under its current leadership team and brand as a wholly-owned subsidiary of Atlantic. The merger aims to enhance scale, improve cost structure, and create a more diversified customer base in the staffing sector.
