Korn/Ferry buys Phila's Hay Group: $452M
Boss Kaye will stay, run larger business
Korn/Ferry International, a publicly-traded Los Angeles-based hiring company, has agreed to pay $452 million in cash and stock for staffing consultant Hay Group (run from Philadelphia but headquartered in the tax haven of Bermuda). Hay, owned by CEO Stephen Kaye and other senior managers, has yearly sales of around $500 milliion.
Hay, with 3,100 employees worldwide (most of its business is outside the U.S.), will keep its name. Korn/Ferry will fold its consulting group into Hay, and Kaye will run the enlarged business as a division of Korn/Ferry, the companies said. Korn/Ferry employs 3,900 before the deal. Statement here.
More on Hay from my colleague Jane Von Bergen here -- more on Kaye here.