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Mastech closes acquisition of Hudson’s IT staffing business in US

June 16, 2015

Pittsburgh-based IT staffing firm Mastech Holdings Inc. (NYSE MKT: MHH) completed its acquisition of Hudson Global Inc.’s (NASD: HSON) US IT staffing business.

Hudson, a New York-based staffing provider, announced the sale last month.

The financial terms of the acquisition included a $17 million cash purchase price paid at closing, with Hudson retaining approximately $3 million working capital. The cash purchase price was paid with a combination of cash balances on hand and borrowings under the company's existing credit facility. Mastech expects the transaction to be immediately accretive to earnings.  

“After several months of working towards a successful closing with the Hudson IT team, I am more excited than ever about the long-term potential of our combined company,” said Mastech CEO Kevin Horner. “Given Hudson’s impressive stable of direct retail clients and talented sales and recruitment team, I’m confident that this transaction will prove to be a rewarding experience for our shareholders, our collective clients and our employees as well.”

According to Hudson, “The sale is consistent with Hudson’s strategy to focus on its core businesses to accelerate growth, drive towards sustained profitability and increase the value of the company for its stockholders.”

Both Hudson and Mastech rank on Staffing Industry Analysts’ list of largest US staffing firms.

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