South African-listed human capital and workforce management group Adcorp Holdings has acquired specialist Australian oil & gas recruiter Dare Holdings for an estimated A$30m (£15.5m).

The purchase price is dependent on future earnings achieved by that business.

In a statement, Adcorp chief executive Richard Pike said the acquisition exposes Adcorp to “a fundamental industry sector of the Australian economy”.

It gives Dare a “strong platform” for expansion into Asia and Africa.

The acquisition is to be funded out of increased debt facilities extended by the group’s Asia Pacific banking partners, Westpac, as well as by the group’s existing and future cash flows generated in Australia.

Pike continued to say Adcorp would not make “sweeping changes” to or “tamper with” Dare operations.