Work Service sells IT Kontrakt for PLN 147 million

WSE-listed HR agency Work Service sold its 95 percent stake in IT Kontrakt to private equity fund Oaktree Capital Managenent for PLN 147 million, the company said in a market filing. Work Service acquired IT Kontrakt back in 2012, paying PLN 52 million for 75 percent shares, later increasing its stake. “In our latest strategy update, Work Service decided to focus on our core business, that's why we've decided to sell IT Kontrakt and use the funds to increase our growth in the temporary work segment, where we've just received the regulator approval to takeover 25 percent in the Hungarian Pro Human temp agency,” Work Service CEO Maciej Witucki said. The deal needs to be approved by the antitrust watchdog UOKiK.