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Spherion mulls unit IPO
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October 16, 2000: 1:13 p.m. ET
Human capital company considers listing UK unit Michael Page on LSE
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NEW YORK (CNNfn) - Temporary and managed staffing company Spherion is considering an initial public offering for its London-based accounting professionals unit.
Spherion, which has branched out from being a standard temp firm, said Monday it hired Credit Suisse First Boston to consider alternatives for Michael Page, including a possible offering on the London Stock Exchange.
Michael Page provides accounting and finance workers in 13 countries, with projected revenue of $600 million in 2000.
Fort Lauderdale, Fla.-based Spherion bought Michael Page for $577.6 million in 1997. Spherion (SFN: Research, Estimates) said it would use any proceeds from a possible IPO to "retire debt, repurchase its common stock and further develop its human capital management services."
Edgewater Technology raised nearly $200 million in July when English staffing company Robert Walters listed on the London Stock Exchange. Edgewater (EDGW: Research, Estimates) formerly was known as StaffMark, a more traditional staffing company, but changed its focus to concentrate on e-solutions.
Spherion said more details on the possible offering will be made available at the company's third-quarter earnings conference call Nov. 2. Shares of Spherion fell 44 cents to $12.41 on the New York Stock Exchange. 
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Michael Page
Spherion
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