SINGAPORE (June 9): HRnetGroup has signed definitive agreements on its acquisition of a  51% stake in REForce (Shanghai) Human Resources Management Consulting.

First announced in January, the acquisition is part of HRnetGroup’s plans to grow its North Asian footprint as intended at Initial Public Offering.

See: HRnetGroup expanding into China with Shanghai acquisition

REForce will operate the three-year old executive search business in Shanghai, Beijing, Guangzhou and Suzhou. This raises HRnetGroup's worldwide locations to 12.

REForce is led by a team of owner-managers that jointly hold the other 49% stake in the joint venture company. It has 68 employees and specialises in mid-senior level recruitment in sales and marketing, operations and financial services, among others.

In a Singapore Exchange filing, HRnetGroup said the terms of the sale included a share purchase agreement and shareholders agreement, and that the satisfaction of the consideration will comprise three tranches.

HRnetGroup shares last traded at $0.84 on Friday before the announcement.