ManpowerGroup To Acquire Ettain Group For $925 Mln Cash - Quick Facts

(RTTNews) - Workforce solutions company ManpowerGroup (MAN) announced Monday that it has agreed to acquire ettain group for $925 million in cash. ettain will become part of Experis, ManpowerGroup's global IT resourcing and services brand.

ettain is one of the largest privately-held IT resourcing and services providers in North America, with particular strength in Financial Services, Healthcare IT, Government and Technology clients.

The combination will provide increased strength in delivering IT services to the higher growth financial services and health care industries, and combined total annual revenues of more than $4.5 billion globally, with more than $1.7 billion in North America.

ManpowerGroup expects to fund this acquisition with existing cash and approximately $150 million from its revolving credit facility which it intends to repay over 12 months.

The acquisition will primarily be an asset purchase for tax purposes, resulting in significant anticipated annual cash income tax savings to ManpowerGroup.

The transaction is subject to regulatory approvals and customary closing conditions and is expected to close as early as late September 2021.