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Network Group Holdings (NGH:LSE) has acquired 51% of Lewisham-based Network Recruitment Solutions (NRS) from Pertemps Investments in return for 5 million shares.
The remaining 49% is owned by the managing directors of NRS, who will be able to convert their holding into NGH shares.
NRS, which operates in the health and social care sectors, had a turnover of 1.6 million Pounds in 2008.
In early trading Network Group Holdings' shares were unchanged at 18 Pence.