Staffing company TeamLease Services Limited on Monday announced that it will acquire a 100% stake in Evolve through its wholly owned subsidiary, TeamLease Staffing Services Private Limited.
The transaction, which will be immediately accretive to TeamLease’s earnings per share, will be financed through existing financial resources. The transaction remains subject to customary closing conditions and regulatory approvals and is expected to close by the end of November 2017, the company release said.
Evolve will continue to operate as a separate and independent entity post acquisition with the same team.
Ashok Reddy, Managing Director, TeamLease Services, said, “The acquisition of Evolve is in line with our long-term strategy of expanding footprint into specialised areas of staffing. TeamLease and Evolve would jointly address the needs of dynamic telecom market and clients as technology trends like 4G, 5G drive the need for rapid and skilled field deployment of advanced technologies.”
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