On Assignment to draw on existing facility for Valesta purchase

By Sara Rosenberg

New York, Feb. 23 - On Assignment Inc. plans on using borrowing under its senior credit facility, along with cash on hand, to fund the acquisition of Valesta, according to a news release.

According to the terms of the agreement, On Assignment will pay €12.8 million for Valesta with a three year earn-out opportunity of up to €5.2 million.

Closing on the acquisition is expected to occur on Feb. 28.

On Assignment is a Calabasas, Calif.-based provider of professionals in the life sciences, health care and technology sectors. Valesta is a Mechelen, Belgium-based provider of specialized staffing in the area of clinical research.

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