The two US-based companies will merge to create a 65,000 employee company with locations in 28 countries, and revenue of $1.7bn
ClientLogic, which is owned by Canadian firm Onex Corp, said it will pay Sitel investors $4.05 per share, which represents a 15% premium on its closing price on Thursday.
Sitel was founded by James Lynch in 1985, and became the first company in the teleservices industry to go public 10 years later. In the two years following its IPO, it embarked on an aggressive acquisition strategy that saw it purchase 20 companies, substantially increasing its portfolio of services and its global presence.
ClientLogic’s CEO Dave Garner will head up the new merged entity following the conclusion of the transaction in the first quarter of 2007.
