Korn Ferry Acquires Salo, LLC to Boost Interim Talent Solutions
Ticker: KFY · Form: 8-K · Filed: Mar 6, 2024 · CIK: 56679
Sentiment: neutral
Topics: acquisition, talent-solutions, interim-executives
Related Tickers: KFY
TL;DR
Korn Ferry buys Salo LLC to expand its interim executive services, especially for PE firms.
AI Summary
Korn Ferry announced on March 5, 2024, that it has entered into a definitive agreement to acquire Salo, LLC, a leading provider of interim executive solutions. The acquisition is expected to close in the first quarter of fiscal year 2025. This strategic move aims to expand Korn Ferry's interim talent solutions business, particularly in the private equity sector.
Why It Matters
This acquisition strengthens Korn Ferry's position in the growing interim executive market, offering clients more flexible talent solutions and potentially driving future revenue growth.
Risk Assessment
Risk Level: medium — Acquisitions carry inherent risks, including integration challenges, potential overpayment, and failure to achieve expected synergies.
Key Players & Entities
- Korn Ferry (company) — Acquiring company
- Salo, LLC (company) — Acquired company
- March 5, 2024 (date) — Date of definitive agreement
- first quarter of fiscal year 2025 (date) — Expected closing period
FAQ
What is the primary strategic goal of acquiring Salo, LLC?
The primary strategic goal is to expand Korn Ferry's interim talent solutions business, particularly within the private equity sector.
When is the acquisition of Salo, LLC expected to be completed?
The acquisition is expected to close in the first quarter of fiscal year 2025.
What type of services does Salo, LLC specialize in?
Salo, LLC specializes in providing interim executive solutions.
What is the significance of the private equity sector in this acquisition?
The private equity sector is a key focus for expansion, indicating Korn Ferry's intent to leverage Salo's expertise in serving this market.
What is the date of the definitive agreement for the acquisition?
The definitive agreement for the acquisition was entered into on March 5, 2024.
Filing Stats: 583 words · 2 min read · ~2 pages · Grade level 10.5 · Accepted 2024-03-06 06:51:04
Key Financial Figures
- $0.01 — ich Registered Common Stock, par value $0.01 per share KFY New York Stock Exchange
- $0.33 — he "Board") declared a cash dividend of $0.33 per share that will be paid on April 15
Filing Documents
- kfy-20240305.htm (8-K) — 24KB
- kfy-2024131xex991q3fy24.htm (EX-99.1) — 588KB
- a12a.jpg (GRAPHIC) — 25KB
- capturea.jpg (GRAPHIC) — 8KB
- 0001628280-24-009302.txt ( ) — 818KB
- kfy-20240305.xsd (EX-101.SCH) — 2KB
- kfy-20240305_lab.xml (EX-101.LAB) — 22KB
- kfy-20240305_pre.xml (EX-101.PRE) — 13KB
- kfy-20240305_htm.xml (XML) — 3KB
02 Results of Operations and Financial Condition
Item 2.02 Results of Operations and Financial Condition. On March 6, 2024, Korn Ferry (the "Company") issued a press release announcing its third quarter fiscal year 2024 results. A copy of the press release is attached hereto as Exhibit 99.1. The information in this Item 2.02 and the exhibit hereto are furnished to, but not filed with, the Securities and Exchange Commission.
01 Other Events
Item 8.01 Other Events. On March 5, 2024, the Board of Directors of the Company (the "Board") declared a cash dividend of $0.33 per share that will be paid on April 15, 2024 to holders of the Company's common stock of record at the close of business on March 27, 2024. The declaration and payment of future dividends under the quarterly dividend policy will be at the discretion of the Board and will depend upon many factors, including the Company's earnings, capital requirements, financial conditions, the terms of the Company's indebtedness and other factors that the Board may deem to be relevant. The Company may amend, revoke or suspend the dividend policy at any time and for any reason at its discretion.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit 99.1 Press Release, dated March 6, 2024. Exhibit 104 The cover page from this Current Report on Form 8-K, formatted in Inline XBRL (included as Exhibit 101).
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. KORN FERRY (Registrant) Date: March 6, 2024 /s/ Robert P. Rozek (Signature) Name: Robert P. Rozek Title: Executive Vice President, Chief Financial Officer and Chief Corporate Officer