Talent2 has entered into an agreement which, subject to shareholder and court approval, will see the company go private.

Talent2 announced this morning it had entered into an agreement with Morgan & Banks Investments (MBI) - a company owned by its directors and major shareholders Andrew Banks and Geoff Morgan, MBI subsidiary Perbec Pty Ltd and Allegis Group, under which Perbec will acquire all Talent2 shares not currently held by MBI and its associates.

Under the scheme, Perbec will purchase the shares for a cash consideration of $0.78 per share, valuing the company at approximately $115 million.

The proposal was approved by an independent committee of the company’s directors, consisting of Pam Laidlaw, Ken Borda and Hans Neilson.

Talent2 shareholders will be sent full details of the proposal in July, and Talent2 said the privatisation was expected to be finalised by September.

The company said there would be no changes to Talent2's operating structure or senior management team, under the proposed privatisation.

Talent2 CEO John Rawlinson said the changes would allow the company to become more globally focused.

"Whilst our current focus in APAC will not change, we have always recognised the importance of being connected globally... A closer partnership with Allegis will deepen our base in the Americas and Europe enabling us to compete more strongly in the global market place," he said.

Talent2 has appointed Lonergan Edwards & Associates to prepare an independent report on the scheme for shareholders.

The company has scheduled a press call for later today. More coverage will follow.