By Josh Beckerman
Hudson Global, whose services include recruitment outsourcing and contingent-workforce management, agreed to combine with holding company Star Equity Holdings in a stock-for-stock deal.
Hudson will issue 0.23 of a share for each Star share. In after-hours trading, Star shares rose 24% to $2.70.
Star's three divisions are building solutions, energy services and investments.
Hudson and Star said the deal will create a larger company on a better path to eventually joining the Russell 2000 index and will leverage corporate overhead and public company costs.
Star Chief Executive Rick Coleman said the merged company will benefit from utilization of net operating loss carryforwards. Hudson previously said it had $240 million of usable net operating losses as of Dec. 31.
In August, Star adopted a rights agreement to preserve the value of its net operating loss carryforwards and other tax benefits. As of Dec. 31, Star had $44.6 million of federal and $17.6 million of state NOLs.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
May 21, 2025 18:04 ET (22:04 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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