Swiss HR firm Adecco acquires MPS Group for $1.3 billion
20 Oct 2009
Switzerland's Adecco S.A., a Fortune Global 500 and the world's largest HR solutions company has today agreed to acquire MPS Group, a leading provider of professional staffing services for $1.3 billion in cash to expand its staffing business in the US, Canada and the UK.
Zurich, Switzerland-based Adecco with over 29,000 employees and more than 5,800 offices in over 60 countries and territories around the globe said that the acquisition will significantly enhance its position in the professional staffing business, particularly in the USA, Canada and the UK.
Adecco will pay $13.80 per common share for MPS, in a transaction which has been unanimously approved by MPS' board of directors. The Swiss placement company will fund the deal through cash resources as well as financing and expects to close the deal in the first quarter of 2010.
The purchase price represents a 24 per cent premium of MPS $11.14 closing price on Monday.
Jacksonville, Florida-based MPS Group is a leading provider of specialty staffing, consulting, and business solutions across various professional business lines such as information technology, finance and accounting, legal, engineering and healthcare.
It is also one of the largest professional staffing firms in North America and has a strong position in the UK. In 2008, MPS Group generated revenues of $2.25 billion.
Patrick De Maeseneire, CEO of the Adecco Group said, "We are delighted to have MPS Group become part of the Adecco Group, in a move that will see Adecco taking the world-wide lead in professional staffing.''