Contracts/Deals: Harvey Nash gets Belgium-based Talent-IT
Fri, 1 Jun 2012
Harvey Nash, the global professional services group, has acquired Talent-IT, a Belgium-based IT project and recruitment company, for an initial cash consideration of €1.7m (£1.37m).
In its interim management statement covering the three months ending 30 April 2012, the company says: “The acquisition is expected to contribute an additional 5% increase to group profit before tax (before non-recurring items) this year and a 10% increase next year.
“Talent-IT has also agreed to acquire 50% of the shares of Team4Talent not currently held by Talent-IT from its owner for an initial consideration of €100k (£81k).”
As part of the deal, an earn-out has been put in place for the previous owners of both Talent-IT and Team4Talent, which could see a maximum payout of €2.8m (£2.26m) in deferred consideration over the next three years.