Harvey Nash Group plc, a UK-based staffing provider with US operations, struck a deal to be acquired by its largest shareholder, according to an announcement today. The deal values total shares in Harvey Nash at £98.7 million (US$127.9 million).

Staffing Industry Analysts ranks Harvey Nash as the 33^rd-largest staffing firm in the world. Harvey Nash has operations in the UK, US, Europe and the Asia Pacific. Its services include IT staffing, executive recruitment and assessment, and IT outsourcing.

The acquiring firm is The Power of Talent Ltd., which is controlled and managed by DBAY Advisors Limited. DBAY which already owns 26.1% of shares in the company, first acquired shares in Harvey Nash in February 2017. It’s the company’s largest shareholder and is represented on the board by Adrian Gunn.

Harvey Nash shareholders must still approve the deal, and it is subject to other conditions. It would become a private company after the transaction.

“Whilst the independent Harvey Nash directors believe Harvey Nash would have a strong future as an independent listed company, they consider that the offer, which is wholly in cash, represents attractive value,” Chairman Julie Baddeley said, “and is in the best interests of Harvey Nash shareholders, staff and clients.”

Baddeley continued, “in addition, DBAY offers stability to all Harvey Nash’s stakeholders and has stated it intends to support Harvey Nash’s employees and invest in the business as it moves to the next stage of its development.”

DBAY, an international asset management firm, has office in Douglas (Isle of Man) and London.

“DBAY is pleased to have reached agreement with the independent Harvey Nash directors on an attractive cash proposal for Harvey Nash shareholders,” said David Morrison, investment director of DBAY. “We know the Harvey Nash business well having been significant investors since February 2017 and are delighted to have the opportunity to partner with the Harvey Nash management team and employees to further strengthen its leading position in the specialist technology recruitment and outsourcing markets.”