Vega Consulting to buy Volt Information for $6 a share

Workforce solutions provider Volt Information Sciences has agreed to be bought by Vega Consulting, an affiliate of ACS Solutions, for $6 a share in cash.

The purchase price represents a 99% premium to Volt’s closing share price on Friday.

Volt president and chief executive officer Linda Perneau said: "This acquisition offers Volt a compelling opportunity for continued growth. With ACS Solutions as our sister company, we will be in a position to accelerate investments in technology, enhance our capabilities, expand our operations, and ultimately deliver better value to our clients - all complementing the superior client service that has come to be synonymous with the Volt brand."

The transaction is expected to close in the second quarter. Once it does, Volt will become a privately-held company.

ACS Solution chief executive Raj Sardana said: "We're pleased to announce the plan to acquire Volt, and look forward to welcoming their talented teams to our family of companies. This transaction will diversify our business mix by adding a sizable commercial staffing and MSP business to our staffing services portfolio, further expanding our suite of services and offerings."

Volt shares surged on the news and by 1040 GMT they were trading up 95% in pre-market trade at $ 5.89.