U.S. News

Staffing Firm Kronos Going Private in $1.8 Billion Deal


Staffing services firm Kronos said it agreed to be acquired by private equity firm Hellman and Friedman for about $1.8 billion, or $55 a share, in cash.

The price represents an almost 18% premium over Kronos' closing price of $46.63 on Thursday. Shares rose more than 13.5% Friday morning.

Asset sales or spin-offs are not part of the deal and no significant restructuring is anticipated, Kronos Chief Executive Aron Ain said in a letter to employees.

It also does not call for elimination of positions, Ain said in the letter, which was filed with the U.S. Securities and Exchange Commission.

The deal is expected to close during the fourth quarter.