Recruitment giant Adecco has reached agreement with Spring on a cash offer to buy the IT recruiter.

The offer, under which Spring shareholders receive 62p in cash for each share, values Spring at £107.3m. The bid will be made by BidCo, a wholly-owned subsidiary of Adecco.

The offer represents a premium of 47.6% to the closing price of 42p per Spring share on 4 August 2009 which was the last business day before Spring’s announcement that it was in talks about a potential deal.

Adecco plans to offer the current chief executive of Spring Group, Peter Searle, the position of country manager of the combined operations of Adecco UK & Ireland and Spring Group.

Spring’s share price climbed to 61p this morning.

See recruiter.co.uk later today for an update.