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On Assignment To Acquire in Western Europe

On Assignment To Acquire in Western Europe

On Assignment, Inc has announced that it has entered into a letter of intent and exclusivity agreement to acquire a clinical research staffing firm (no name given) which operates in western Europe. The firm is projected to have for the twelve month period ending 12/31/10, revenues of approximately $24,000,000 USD and $4,000,000 USD in adjusted EBITDA. The proposed cash payment at the time of closing of the acquisition is approximately $17,000,000 USD. The transaction also has a two-year earn out component.
"This company has margins that are consistent with our Life Science staffing business, long term assignments and high bill rates it should be nicely accretive to our earnings," stated Peter Dameris, President and Chief Executive Officer of On Assignment, Inc.

The closing of the proposed transaction is subject to execution of final transaction documents and lender approval. The company hopes to close the transaction in the next 45 days.

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