Finance Finance News Rein to reap up to $151m from sale of Ingeus

Rein to reap up to $151m from sale of Ingeus

Source: Getty.
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Businesswoman Therese Rein is poised to add to her considerable fortune after selling her recruitment company Ingeus to a US employment firm for $US206 million ($A222 million).

Ms Rein, the wife of former Prime Minister Kevin Rudd, will receive up to $US140 million (A$151 million) in cash and shares, subject to certain performance targets, from Tucson, Arizona-based Providence Service Corporation, The Age reported.

Ingeus is a international private sector provider of welfare-to-work services that assists unemployed people into employment and provides business psychology services.

The company, which has more than 1,700 employees,  has over 150 offices in the United Kingdom, Europe, the Middle East, Australia and New Zealand.

Providence will acquire 100 per cent of Ingeus for $US58 million in cash payable at closing and restricted stock and cash with a combined value of $US23.7 million subject to a vesting schedule of four years.

If performance hurdles are met over the next five years, Providence could pay up to $US124 million in contingent earn-out payments.

Ms Rein, who is a BRW rich lister, owns 95 of parent company Ingeus, while the British division is reportedly 50 per cent owned by big four accounting firm, Deloitte, The Age reported.

“Providence will provide the financial underpinning and complementary know-how that will enable us to fully achieve our goals,” Ms Rein said in a Providence statement.