Hailed as the world's largest staffing company, Swiss human-resources giant Adecco Group, is all set to acquire U.S. staffing firm MPS Group Inc.

The deal, which is valued at approximately $1.3 billion, will expand Adecco's existent domain in the business.

The acquisition decision comes after the MPS Board unanimously approved the deal. MPS, one of the largest players in the professional staffing sector in North America, has a strong presence in the United Kingdom as well.

The mammoth deal, according to MPS, will be funded through Adecco's current cash resources as well as existing financing capabilities. Adecco, although, expects the deal and the related bond offering of 900 million Swiss Francs of mandatory convertible bonds, could have a detrimental short term impact on its corporate ratings, as its shares fell by 3.9% in Swiss trading on Tuesday, they are keeping a broader picture in mind.

Patrick De Maeseneire, chief executive of Adecco, commented, “The acquisition is an important step in Adecco's stated strategy to strengthen the higher margin professional staffing business, which offers attractive growth over the coming years". The company also announced on Tuesday, the finalising of its acquisition of London-based recruitment provider Spring Group. The Swiss Giant envisages annual synergies of 25 million Euros as a result of this major integration of MPS Group within two years.

The awaited third quarter results of the Swiss Giant will be reported on November 5, while, MPS, will show-case its results on October 29.