AGC Holdings, a wholly owned portfolio company of Essar Global Fund has entered into a definitive agreement with Teleperformance to sell Aegis USA Inc (AUI), which has annual revenues of USD 400 million and employees over 19,000 across 16 centres in 3 countries, the company said in a statement.
It serves clients in the US market across industries like 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.
According to IT-BPO industry body Nasscom, Aegis is ranked as the fourth largest BPO company in India in terms of revenues after Genpact, TCS BPO and Serco.
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"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," Uday Gujadhur, Board Member of Essar Capital Ltd and fund manager for Essar Global Fund Limited, said.
"We look forward to continue to grow the Aegis portfolio in our other markets including India, Malaysia, Australia, Middle East, Europe and Latin America," he said.
Essar made a foray into the BPO business through the acquisition of Aegis Communication Group, US in 2004.
Post transaction, Aegis would have operations in 37 locations across nine countries with more than 37,000 employees. Its clients would include players from verticals like Banking and Financial Services, Insurance, Technology, Telecom, Healthcare, Travel & Hospitality, Consumer Goods, Retail, and Energy and Utilities.