Atlantic International to acquire Staffing 360 Solutions in $25M transaction

Atlantic International (ATLN) and Staffing 360 Solutions (STAF) announced that their boards of directors unanimously approved a definitive agreement under which Atlantic will acquire all outstanding shares of Staffing 360’s common stock. The Staffing 360 shareholders will receive 1.202 Atlantic shares for each Staffing 360 share. Atlantic and Staffing 360 shareholders will own approximately 90% and 10%, respectively, of the combined company on a fully diluted basis. The transaction is expected to close within the next 90 days and is subject to the approval of Staffing 360’s shareholders and other customary closing conditions, including regulatory approval. Those matters, including the record date and meeting date, will be communicated subsequent to the receipt of SEC approval of related proxy materials. When complete, Staffing 360 will continue to operate under its current leadership team and brand as a wholly owned subsidiary of Atlantic. The record date and the date for the special meeting of shareholders to vote on the transaction will be communicated to shareholders in the coming days.