Sykes Enterprises Incorporated (NASDAQ: SYKE) announced today a definitive merger agreement that will see privately-held contact center conglomerate Sitel Group acquire 100% of the equity of Sykes for approximately US$2.2 billion. Once the acquisition closes, the transaction effectively makes Sykes a private company and will cease trading on Nasdaq.
Under the terms of the acquisition, Sitel Group will purchase all of Sykes’ outstanding common shares at US$54.00 per share in an all-cash transaction. This purchase price represents a 31.2% premium on Sykes’ stock price on June 17, 2021.
The transaction is reportedly not subject to any financing condition and is expected to close during the second half of 2021. Although the proposed acquisition has gotten nods from both of the companies’ boards, it will still be subject to Sykes shareholders’ approval and customary closing conditions.
Sykes Enterprises last traded at US$41.17 on the NASDAQ.
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