IT services firm Sitel Group to buy peer Sykes in $2.2 billion deal

Industry:    2021-06-21

IT services company Sykes Enterprises Inc said on Friday it has agreed to be acquired by privately owned peer Sitel Group in a deal valued at $2.15 billion.

Sitel Group’s offer of $54 per share, represents a premium of 31.2% to Sykes’ last close.

Sykes, which provides outsourcing services to businesses, has customers in sectors including financial services, technology, communications and healthcare industries.

The transaction, which is not subject to a financing condition, is expected to close in the second half of 2021, Sykes said.

While Goldman Sachs & Co served as financial adviser to Sykes, Lazard Freres SAS advised Sitel.

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