InterQuest acquires US rival Rees Draper Wright

3rd Aug 2016 15:21

(ShareCast News) - InterQuest took a majority stake in Rees Draper Wright with a view to expanding its footprint in the States and Europe.The specialist recruiter in the technology, analytics and digital market said the transaction would be financed in part via the issue of 728,000 new ordinary shares which were expected to begin trading on 9 August.Depending on whether the vendors decided to excercise their options in RDW, then a further 205,333 new ordinary shares would be issued in due course, the company said.In particular, Interquest would thus be able to expand its operations in the US through a New York platform while RDW would be better able to continue growing in Europe.Richard Draper, Managing Director at RDW, was set to join the Operational Board of InterQuest and Dan Richards, RDW's US Managing Director, would lead InterQuest's expansion and growth in New York.As of 16:14 BST shares of Interquest were 0.91% up at 55.50p.