On Assignment to pay $775 million for federal contractor; changing name to ASGN

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Professional staffing firm On Assignment Inc. (NYSE ASGN) struck a deal to acquire government services contractor ECS Federal LLC for $775 million. On Assignment also announced it will change its name to ASGN.

On Assignment signed a definitive agreement to acquire ECS from Roy Kapani, the company’s majority owner and founder, and Lindsay Goldberg, a private investment firm, for $775 million in cash. The transaction is expected to close April 2, subject to regulatory approvals and customary closing conditions. On Assignment also intends to change its name to ASGN Incorporated, effective April 2, which it stated better reflects its “evolving position

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