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Manpower Inc. (NYSE: MAN) announced today it plans to buy Comsys IT Partners Inc. (NASD: CITP) for $17.65 per share for a total enterprise value of $431 million. Manpower will pay half in cash and half in shares but has the option to pay all in cash.
The deal is expected to close in April.
Comsys, a Houston-based information technology staffing firm with 52 branches, ranked as the third-largest provider of IT staffing, according to Staffing Industry Analysts' list of largest IT staffing firms based on 2008 revenue.
Comsys also owns Tapfin, which provides vendor management services, recruitment process outsourcing and services procurement management. Tapfin ranked as the third-largest managed services provider based on 2008 spend in project-based services performed under a statement of work, according to the 2009 VMS and MSP Supplier Competitive Landscape report by Staffing Industry Analysts.
Manpower reported the combined MSP offering after the deal will have total flow-through dollars of $3.5 billion.
Manpower said it expects $20 million in synergies in the deal.