UK-based human resources group Hat Pin has bought over search firm Executive Access India for a maximum consideration of £6.9 million in a mixture of cash and shares. The transaction is being part funded by placing of 5,500,000 new Hat Pin shares at 100 pence a share to raise £5.5 million. Of the consideration, £6.5 million is payable on completion, with an additional £0.4 million payable on the basis of Executive Access India's profitability till December 31, 2008.This is Hat Pin's fourth acquisition under CEO Angela Campbell-Noë in the past 19 months and the first in India.
The Hatpin group currently operates globally through its three subsidiary brands – the wholly-owned Akamai Financial Markets and The Talent Business, and the 70%-owned Saxton Bampfylde Hever (formerly known as Kendall Tarrant worldwide). Executive Access India, which operates across the financial services, technology, corporate, academia and not-for-profit sectors is expected to fully complement existing Hat Pin businesses.
Read more in The Economic Times article.
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