RECRUITMENT and human capital group Adcorp announced that its Australian subsidiary, Adcorp Holdings Australia, had purchased Dare Holdings in a deal that was worth an initial R119 million and could rise up to R517m. Adcorp shares on the JSE yesterday ended unchanged at R31.20. Dare is an engineering and technical skills provider on a contract or permanent basis to the oil and gas sector in Australia and internationally, while in South Africa, Adcorp provides permanent and contract staffing solutions and owns firms, including Quest and Paracon. Adcorp said yesterday that the deal had provided a number of benefits, including an opportunity to grow Dare into Asia and Africa and to tap into Dare’s customers in order to sell Adcorp’s information technology contracting services. Adcorp will pay an initial A$20m (R187m). The firm will then pay to Dare 60 percent of normalised earnings before interest and tax for the year to June and June 2016.
Adcorp said the deal did not require shareholder approval. – ANA