Korn Ferry (NYSE: KFY), an executive search firm, has agreed to buy privately-held Hay Group for $452 million in cash and stock. The buyer will pay $252 million in cash and issue $200 million in common stock. The company will fund the cash portion of the purchase with debt.

Hay Group, founded in 1943, provides a range of human resources and talent recruitment services for business. The Philadelphia-based target has about $40 million in annual Ebitda and $500 million in revenue. The two companies by combining, they will be able to provide more consulting and recruiting services to their clients.

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