On Assignment Completes Purchase Of Creative Circle

(RTTNews) - On Assignment Inc (ASGN), a provider of professional staffing solutions, on Friday said it has closed its acquisition of privately held Creative Circle, LLC for $570 million, and up to an additional $30 million based on operating performance during 2015.

The acquisition is immediately accretive before any synergy savings to On Assignment's earnings per share, both on a GAAP and non-GAAP basis.

In connection with the acquisition, On Assignment entered into a new $975 million credit facility. Proceeds from the new facility were used to fund the cash portion of the purchase consideration and repay borrowings under the existing credit facility. At closing, approximately $875 million will be outstanding under the facility.