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Allegis Group, a U.S.-based staffing firm, has signed an agreement with Morgan & Banks Investments Pty Limited (MBI) to privatize Australian recruitment firm Talent2 by jointly purchasing all of the company’s shares.
The agreement, unanimously approved by the independent members of the company’s board, is still conditional on shareholder and regulatory approval. The privatization structure values the company at around AUD$115 million (US$113 million). It is expected to be finalized by September.
Allegis Group Services, a subsidiary of Allegis Group, Inc., has worked with Talent2 in various customer engagements since 2010. The privatization is intended to create a closer bond between the two organizations and extend Allegis’ reach in the Asia Pacific region.
“Allegis Group intends to extend its footprint into Asia Pacific markets through its investment in Talent2 and will benefit from Talent2’s depth of expertise in recruiting, learning, development, payroll and RPO, as well as its breadth of coverage across the Asia Pacific region,” said Chris Hartman, Allegis Group’s president of international operations. “As important, Talent2’s strong focus on building a culture of hard working employees of high character is in unique alignment with our Allegis Group family of companies.”
MBI is owned by Andrew Banks and Geoff Morgan, the founders and major shareholders of Talent2. As part of the agreement, Andrew Banks will continue to operate as chairman, John Rawlinson as CEO and Geoff Morgan will remain on the board.
Allegis Group topped Staffing Industry Analysts’ 2011 list of largest U.S. staffing firms.