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Adecco buys rival for $1.3bn

ADECCO, the world&rsquo;s largest staffing company, is buying American rival MPS Group for $1.3bn (&pound;790m), boosting its high-margin and more recession-resilient professional staffing business.<br /><br />Adecco also said it was launching a SFr900m (&pound;540m) mandatory convertible bond to accommodate the cash deal. <br /><br />The MPS deal, plus the recent acquisition of Britain&rsquo;s Spring Group, means close to 25 per cent of Adecco revenue will be generated in the more lucrative professional staffing arena, up from 17 per cent in 2008.