Mergers and Acquistions News
Categories: IT Services & Consulting, BPO
October 12th 2009, 17:11PM
Outsourced customer contact provider Sykes Enterprises has signed a definitive merger agreement with business process outsourcing company ICT Group.
Under the terms of the deal, Sykes will pay $15.38 (£9.74) for each share of ICT's common stock for a total consideration of approximately $263 million (£166.4 million).
As a result of the agreement, Sykes expects to realise synergies of up to $20 million (£12.6 million) annually after creating a company with more than $1.2 billion (£750 million) in revenues.
Chuck Sykes, president and chief executive of the firm, said the transaction will help it to increase the breadth and depth of its services as more clients move towards business process outsourcing.
"A highly regarded player with over two decades in the customer contact management industry, ICTG has built a solid business platform around its portfolio of services across various verticals targeted toward Fortune 500 clients," he commented.
Last year, Sykes Enterprises expanded into the Brazilian market with the opening of a 250-seat centre in the country.
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