Global HR services group Adecco has bought the MPS Group in a deal worth about £714m.
MPS is a leading provider of professional staffing and consulting services, and owns Badenoch & Clark in the UK, which works with many of the top FTSE companies.
Swiss-based Adecco said the acquisition would “significantly enhance” its position in the professional staffing business, particularly in the US, Canada and the UK.
Adecco chief executive Patrick De Maeseneire 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.
“The acquisition is an important step in Adecco’s stated strategy to strengthen the higher-margin professional staffing business, which offers attractive growth over the coming years.”
Adecco said it expects to achieve £22.8m of annual savings within two years through operational efficiencies.
Timothy Payne, MPS Group’s chief executive, said: “We are pleased to be joining forces with Adecco. Not only will this transaction create substantial shareholder value, but the combination of MPS Group and Adecco will also be very positive for our employees, consultants and clients.
Adecco also revealed that it has successfully completed the acquisition of the UK based recruitment provider Spring Group.