Aegis Global, a portfolio company of Singapore's Capital Square Partners (CSP), today entered into an agreement with Startek, a BPO services provider, to create a combined entity for customer engagement solutions.
Startek will issue 20.6 million shares of its common stock to CSP in exchange for all the outstanding common stock of Aegis, the company said in a release today.
Concurrently, CSP or an affiliate will further increase its investment in Startek by purchasing 833,333 primary shares at USD 12 per share, representing a USD 10 million investment.
CSP will own about 55 per cent of the combined company, while Startek will own about 45 per cent.
With this deal, Aegis will return into the United States and Philippines markets.
"Combining with Startek's expertise and valued long term client relationships, including the recent strategic opportunities in e-commerce, allows us to accelerate our growth and value creation for customers, employees and shareholders as a public entity listed in the NYSE," Aegis Global chief executive officer Sandip Sen said.
CSP will also have the right to appoint a majority of the combined company's board of directors.
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