King & Wood Mallesons has advised Adcorp, South Africa’s largest employment services company, on its acquisition of Computer Sciences Corporation’s Australian IT staffing unit, Paxus.
The deal, valued at $60 million, further strengthens Adcorp’s IT recruitment capability following its acquisition of South African ICT recruitment company, Paracon SA, in late 2011. Following the completion of the deal, CSC will continue a business relationship with Paxus to meet its IT staffing needs in Australia.
The King & Wood Mallesons team was led by Partners David Eliakim and Nicole Heller who were supported by Senior Associate Jonathan Grant and Solicitors Melissa Miller and Ashkan Kebriti. King & Wood Mallesons has developed a leading cross-border African practice, involving a team of lawyers across China, Australia and Hong Kong who are advising a range of clients on complex African transactions, including takeovers, strategic acquisitions, asset-level deals and project financings.
“KWM has been an active player in cross-border deals in Africa over the past 12 months, most recently acting for a Chinese consortium in its $830 million bid for Discovery Metals. It is pleasing to see that cross border investment out of Africa is active too,” David Eliakim said.
The transaction is expected to close by the end of January 2013.
