HRnetGroup in deal to acquire REForce stake

HRnetGroup entered into definitive agreements relating to its January acquisition of a 51 per cent stake in REForce (Shanghai) Human Resources Management Consulting, it said last Saturday.

In a filing with the Singapore Exchange last Saturday, HRnetGroup said the terms of the sale included a share purchase agreement and shareholders agreement, and that the satisfaction of the consideration has been agreed to comprise three tranches.

REForce will operate the three-year-old executive search business in Shanghai, Beijing, Guangzhou and Suzhou. Suzhou will be HRnetGroup's fourth city of operation in mainland China and its 12th location globally.

REForce is led by a team of owner-managers that jointly holds the remaining 49 per cent stake in the joint venture company. It has 68 employees and specialises in mid-senior level recruitment in sales and marketing, operations and financial services, among others.

Ms Madeline Wan, group business leader and senior general manager of the Greater China and Japan businesses for HRnetOne, said: "With this acquisition and others going forward, we will continue to grow our North Asian footprint as intended at IPO (initial public offering)."

In a filing with the Singapore Exchange last Saturday, HRnetGroup said the terms of the sale included a share purchase agreement and shareholders agreement, and the satisfaction of the consideration has been agreed to comprise three tranches.

A version of this article appeared in the print edition of The Straits Times on June 12, 2018, with the headline 'HRnetGroup in deal to acquire REForce stake'. Print Edition | Subscribe