Manpower to acquire Comsys IT Partners | business | Hindustan Times
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Manpower to acquire Comsys IT Partners

business Updated: Feb 02, 2010 19:56 IST

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Global staffing services company Manpower, which has a good presence in India, on Tuesday said it will acquire US-based Comsys IT Partners.

The proposed deal values Comsys at $431 million.

US-based Manpower in a statement said the boards of both the companies have approved the planned transaction.

"... The value of the consideration for each outstanding share of Comsys common stock would be $17.65, for a total enterprise value of $431 million, including net debt assumed by Manpower," the statement noted.

The Nasdaq stock exchange-listed Comsys is a leading professional staffing firm.

"Comsys' professional IT staffing services will be integrated into Manpower Professional offering, and when combined with Elan, Manpower's European IT staffing business, creates an entity with total revenue of more than $2.5 billion," it added.

Manpower's Chairman and CEO Jeff Joerres said acquisition of Comsys would strengthen the company's continued expansion of professional staffing services and outcome-based solutions.

The combination would increase Manpower's professional consultants on assignment to more than 25,000.

"With 4,000 offices around the globe, the addition of Comsys increases Manpower's professional staffing services geographic footprint to more than 400 offices worldwide," the statement said.