ASGN Incorporated Announces Closing of Sale of Oxford Global Resources

Rhea-AI Summary

ASGN Incorporated (NYSE: ASGN) has finalized the sale of its Oxford Global Resources unit to H.I.G. Capital for $525 million, yielding net proceeds of approximately $415 million after taxes. This strategic divestment aims to enhance ASGN's focus on its core IT and professional services in commercial and government sectors. The transaction involved legal and financial advisory from Sullivan & Cromwell LLP, William Blair, and Truist Securities for ASGN, with Ropes & Gray LLP and Wells Fargo Securities advising H.I.G. Capital.

Positive

• Generated $415 million net proceeds from the sale of Oxford, potentially enhancing liquidity.
• Strategic focus on core IT and professional services.

Negative

• None.

ASGN Incorporated (NYSE: ASGN), one of the foremost providers of IT and professional services in the technology, digital, and creative fields across the commercial and government sectors, announced today the completion of its previously announced sale of its Oxford Global Resources, LLC (“Oxford”) business unit to an affiliate of H.I.G. Capital for a total cash consideration of $525.0 million (net proceeds of approximately $415.0 million, net of income taxes).

Advisors

ASGN retained Sullivan & Cromwell LLP as legal counsel and William Blair and Truist Securities as financial advisors in the sale. H.I.G. Capital retained Ropes & Gray LLP as legal counsel and Wells Fargo Securities, LLC as its financial advisor in the purchase of Oxford from ASGN.

About ASGN Incorporated

ASGN Incorporated (NYSE: ASGN) is one of the foremost providers of IT services and professional solutions, including technology, creative, and digital, across the commercial and government sectors. ASGN helps leading corporate enterprises and government organizations develop, implement and operate critical IT and business solutions through its integrated offering of professional staffing and IT solutions. ASGN's mission is to be the most trusted partner for companies seeking highly skilled human capital and integrated solutions to fulfill their strategic and operational needs. For more information, visit us at asgn.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210817005883/en/

FAQ

What is the recent sale ASGN announced?

ASGN has sold its Oxford Global Resources unit to H.I.G. Capital for $525 million.

How much net proceeds did ASGN gain from the Oxford sale?

ASGN received approximately $415 million in net proceeds after taxes from the sale.

Who advised ASGN during the sale of Oxford?

ASGN retained Sullivan & Cromwell LLP as legal counsel and William Blair and Truist Securities as financial advisors.

What will ASGN focus on after selling Oxford?

ASGN will enhance its focus on its core IT and professional services across commercial and government sectors.