Aegis sells its US business, Philippines & Costa Rica to Teleperformance for $610 mn

AUI represents revenue of $400 mn and has more than 19,000 full time employees across 16 centers in three countries

Aegis, the business process management arm from the Essar group, announced that it will sell its BPO business in the US, the Philippines and Costa Rica to Paris-based Teleperformance for a sum of $610 million (around Rs 3,638 crore).

AGC Holdings, a wholly owned portfolio company of Essar Global Fund has entered into a definitive agreement with Teleperformance to sell Aegis USA (AUI). Aegis 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).

AUI represents revenue of $400 million and has more than 19,000 full time employees across 16 centers in three countries, serving premium clients in the US market in various key growing industries such as healthcare, financial services, travel and hospitality.

The transaction is expected to close during the third quarter of 2014, subject to receipt of certain regulatory approvals and other customary closing conditions. The transaction is not subject to a financing condition.

"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. We look forward to continue to grow the Aegis portfolio in our other markets including India, Malaysia, Australia, Middle East, Europe and Latin America," said Uday Gujadhur, Board Member, Essar Capital, fund manager for Essar Global Fund.