Employment services firm Manpower (NYSE:MAN) said Tuesday it is going to buy technology staffing firm Comsys IT Partners (CITP) for $17.65 per share. The total value of the deal is $431 million, including assumption of debt.
Comsys closed out trading on Monday at $13.23 per share. The company has 52 IT staffing and outsourcing offices in the U.S., Canada, Britain, and Puerto Rico.
Also today, Manpower posted a better than expected decline in fourth quarter profit. Earnings fell 62 percent, to $29.1 million, or 37 cents per share.
Adjusted earnings totaled 48 centers per share, just about double analyst expectations.
The company forecast its first quarterly sales increase in more than a year, saying employment trends globally are improving.
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