ManpowerGroup acquires COMSYS IT Partners, Inc.

ManpowerGroup acquired COMSYS IT Partners, Inc. for total enterprise value of $431 million ($17.65 per share), a transaction completed in April 2010, structured as exchange offer with cash or stock election on a 50/50 basis, followed by a short-form merger.

COMSYS IT Partners, Inc. operates in Professional IT staffing and solutions. COMSYS IT Partners was a leading professional IT staffing firm that also provided Managed Service Program (MSP) and Recruitment Process Outsourcing (RPO) offerings. Manpower acquired it through an exchange offer at $17.65 per share, electable as cash or Manpower stock on a 50/50 basis. When combined with Elan, Manpower's European IT staffing business, the deal created an entity with total revenues of more than $2.5 billion and increased Manpower's professional staffing footprint to more than 400 offices worldwide.

The acquisition was consistent with Manpower's strategy to expand professional staffing services and outcome-based solutions in high-demand skill verticals such as IT, engineering, finance and accounting, integrating COMSYS into the Manpower Professional offering and its MSP and RPO capabilities into Manpower Business Solutions.

The acquisition of COMSYS is consistent with our strategy and strengthens the continued expansion of our professional staffing services and outcome-based solutions.Jeff Joerres, Chairman & CEO, Manpower Inc.

Advisory firms were not disclosed for this transaction.

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