On Assignment, Inc. to Acquire Valesta for €12.8M
On Assignment, Inc. (NASDAQ: ASGN) announced today that it has signed a definitive agreement to acquire Valesta, a privately owned provider of specialized staffing in the area of clinical research with headquarters in Mechelen, Belgium and branch offices in Spain and The Netherlands. This is the next step following the Letter of Intent executed and announced on December 22, 2010.
According to the terms of the agreement, On Assignment will pay €12.8 million with a 3 year earn-out opportunity up to €5.2 million. The Company intends to utilize a combination of cash on-hand and borrowing under its senior credit facility. The anticipated close date of this acquisition is Monday, February 28, 2011.
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