Mumbai: AGC Holdings Ltd, a wholly-owned portfolio company of Essar Global Fund Ltd, has signed an agreement with Teleperformance to sell its outsourcing company Aegis US for $610 million. The company will sell Aegis’s presence in the US, the Philippines and Costa Rica.
It will continue to retain the remainder of the BPO business globally across India, Sri Lanka, Malaysia, Australia, South Africa, Peru, Argentina, Saudi Arabia and UK (other than in the US, the Philippines and Costa Rica).
“This transaction fits the strategic objectives of Essar Fund in the rapidly growing high quality assets and delivering value creation, in this case through a sale to a high quality strategic player in Teleperformance. This transaction will also yield many synergies and benefits for Aegis’ employees and esteemed customers,” said Uday Gujadhur, Board Member, Essar Capital, fund manager for Essar Global Fund.
The transaction is expected to close during the third quarter of 2014, subject to regulatory approvals and other customary closing conditions. The transaction is not subject to a financing condition.
Post the transaction, Aegis would have operations in 37 locations across 9 countries with more than 37,000 employees.
Aegis US has revenues of about $400 million and has more than 19,000 full-time employees across 16 centres in three countries. It serves premium clients in the US market in various key growing industries such as healthcare, financial services, travel and hospitality.
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