Impellam completes Lorien deal
Bedfordshire employment group Impellam has completed its acquisition of Lorien, a specialist in technology staffing.
The company has paid an initial consideration of £22.3m in cash and £7.5m in new ordinary shares. The deal was funded by an oversubscribed equity placing to raise £15m.
Impellam will also assume Lorien's net debt of £14m and pay an additional deferred consideration of up to £6m in January 2015 and up to £13.9m in January 2016.
In addition, Impellam has announced that non-executive director Eileen Kelliher has decided to step down from the board with immediate effect to pursue other business interests.
Chief executive Julia Robertson said: "We would like to thank Eileen for her significant contribution to the company over the past two and a half years and we wish her all the best in her future endeavours."