If this State acquires a public or private entity to operate it for a public purpose, this State may retain, as a State employee, any individual who is an officer or employee of that entity at the time of the acquisition. An employee who is retained under this section: shall be employed in a position that corresponds or is similar to the position held at the time of the acquisition; and keeps seniority. Beginning as of the date of the acquisition, each retained employee shall be on probation for the period required by Subtitle 4 of this title. Within 1 year after an acquisition, the Department shall classify each position in the acquired entity. After positions in the acquired entity are classified, each retained employee: may continue without an examination to hold the position in which the employee is then employed; and has all the rights of the class to which that position is allocated. If a new position is created in an acquired entity or an established position in an acquired entity becomes vacant, the position shall be filled in accordance with this title.