trending Market Intelligence /marketintelligence/en/news-insights/trending/gZopnMG0nHkfbpyYonII5A2 content esgSubNav
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us
In This List

Providence Service sells employment services JV for $23M

COVID-19 Pandemic Likely To Cause US Telemedicine Boom

Gauging Supply Chain Risk In Volatile Times

S&P Global Market Intelligence

Cannabis: Hashing Out a Budding Industry


IFRS 9 Impairment How It Impacts Your Corporation And How We Can Help

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.