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Providence Service sells employment services JV for $23M

Providence Service Corp. sold employee services company Mission Providence Pty. Ltd. to Australia-based work solutions company Konekt Ltd. for a total consideration of about $23 million.

Mission Providence was formed as a joint venture in 2014 between Providence Service and community service organization Mission Australia.

Providence expects to receive about $17 million of the total consideration, as it holds 75% interest in the joint venture.

Mission Providence will be a stand-alone division within Konekt's business following the deal, Providence Service said in a news release. The transaction is expected to close in the fourth quarter of 2017, subject to the approval of Australia's Department of Employment.

Mission Providence booked an $11 million net loss for the year ended Dec. 31, 2016.