Korn Ferry Acquires Salo, LLC
Ticker: KFY · Form: 8-K · Filed: Jun 13, 2024 · CIK: 56679
Sentiment: neutral
Topics: acquisition, talent-solutions, interim-executives
Related Tickers: KFY
TL;DR
Korn Ferry buys Salo LLC to boost interim executive talent offerings.
AI Summary
Korn Ferry announced on June 12, 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 second quarter of Korn Ferry's fiscal year 2025, subject to customary closing conditions. This strategic move aims to expand Korn Ferry's interim talent solutions capabilities.
Why It Matters
This acquisition strengthens Korn Ferry's position in the interim executive solutions market, potentially leading to increased revenue and market share in providing temporary leadership talent to companies.
Risk Assessment
Risk Level: medium — Acquisitions carry inherent risks, including integration challenges, potential overpayment, and failure to achieve expected synergies, which could impact Korn Ferry's financial performance.
Key Players & Entities
- Korn Ferry (company) — Acquiring company
- Salo, LLC (company) — Acquired company
- June 12, 2024 (date) — Date of agreement
- second quarter of Korn Ferry's fiscal year 2025 (date) — Expected closing period
FAQ
What is the primary strategic goal of Korn Ferry's acquisition of Salo, LLC?
The primary strategic goal is to expand Korn Ferry's interim talent solutions capabilities.
When is the acquisition of Salo, LLC expected to be completed?
The acquisition is expected to close in the second quarter of Korn Ferry's fiscal year 2025.
What type of services does Salo, LLC specialize in?
Salo, LLC is a leading provider of interim executive solutions.
Are there any conditions for the closing of the acquisition?
Yes, the acquisition is subject to customary closing conditions.
What is Korn Ferry's core business?
Korn Ferry is in the business of providing talent solutions, including interim executive services.
Filing Stats: 603 words · 2 min read · ~2 pages · Grade level 10.5 · Accepted 2024-06-13 06:47:02
Key Financial Figures
- $0.01 — ich Registered Common Stock, par value $0.01 per share KFY New York Stock Exchange
- $0.37 — Company's quarterly dividend policy to $0.37 per share, and (ii) declared a cash div
Filing Documents
- kfy-20240612.htm (8-K) — 24KB
- kfy-2024430xex991q4fy24.htm (EX-99.1) — 592KB
- a12a.jpg (GRAPHIC) — 25KB
- capturea.jpg (GRAPHIC) — 8KB
- 0001628280-24-027964.txt ( ) — 823KB
- kfy-20240612.xsd (EX-101.SCH) — 2KB
- kfy-20240612_lab.xml (EX-101.LAB) — 22KB
- kfy-20240612_pre.xml (EX-101.PRE) — 13KB
- kfy-20240612_htm.xml (XML) — 3KB
02 Results of Operations and Financial Condition
Item 2.02 Results of Operations and Financial Condition. On June 13, 2024, Korn Ferry (the "Company") issued a press release announcing its fourth quarter and fiscal year ended April 30, 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 June 12, 2024, the Board of Directors of the Company (the "Board") (i) approved an increase in the Company's quarterly dividend policy to $0.37 per share, and (ii) declared a cash dividend of $0.37 per share that will be paid on July 31, 2024 to holders of the Company's common stock of record at the close of business on July 3, 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 June 13, 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: June 13, 2024 /s/ Robert P. Rozek (Signature) Name: Robert P. Rozek Title: Executive Vice President, Chief Financial Officer and Chief Corporate Officer