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October 21, 2009

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Adecco launches takeover of MPS

STAFFING firm Adecco SA said yesterday it has offered US$1.17 billion to buy United States-based MPS Group Inc, one of the largest American temporary staffers, and expects to seal the acquisition early next year.

The deal has been accepted by MPS Group's board of directors, but is still subject to shareholder and regulatory approval, Adecco said in a statement. It said the transaction should be completed in the first quarter of 2010.

MPS Group provides temporary employment and consulting services in sectors including information technology, finance, accounting and engineering. It posted revenue of US$1.5 billion last year.

Adecco also said it will launch a mandatory convertible bond of 900 million Swiss francs (US$885.8 million) to help fund the acquisition and strengthen its balance sheet.

Analysts viewed the deal positively but said the price offered was somewhat high.


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