Indian staffing firm TeamLease Services entered into a definitive agreement with India-based eCentric that will see TeamLease, through its wholly owned subsidiary TeamLease Digital Private Limited, acquire eCentric’s IT staffing business by way of business transfer/slump sale arrangement (a business transfer for a lump sum monetary consideration without values being assigned to the individual assets and liabilities).

The transaction remains subject to transfer of client contracts, customary closing conditions and regulatory approvals and is expected to close before the end of April 2019.

TeamLease, which is included on Staffing Industry Analysts’ list of largest global staffing firms, stated the transaction will be immediately accretive to the company’s earnings per share and be financed with existing financial resources.

No further financial details were disclosed.

eCentric is a Hyderabad-based HR services company. Its IT staffing business, operating since 2014, has an annual turnover of over INR 450 million (US$6.3 million).