The Essar group of the Ruias has sold its BPO company Aegis Ltd to Singapore-based private equity fund manager Capital Square Partners for an estimated $ 275-300 million. Though the company did not give the value of the deal, sources said the sale could be in the range of $ 275-300 million. “Net proceeds of this sale will be used to retire Essar’s debt,” the company said adding the transaction is likely to close by June 2017 subject to regulatory approvals and other customary closing conditions. The sale marks Essar’s complete exit from BPO business.
Essar had in July 2014 sold Aegis USA Inc, an outsourcing and technology company with operations in the US, the Philippines and Costa Rica, to Teleperformance of Paris for $610 million.
Aegis had BPO business globally across India, Sri Lanka, Malaysia, Australia, South Africa, Peru, Argentina, Saudi Arabia and the UK. It had 40,000 employees globally, 47 BPOs in these 10 countries and $ 400 million in revenue.
“AGC Holdings Ltd (AGC) Mauritius, a wholly-owned portfolio company of Essar Global Ltd, has entered into a definitive agreement with Capital Square Partners (CSP) to sell 100 per cent of its stake,” a company statement said. Essar entered the BPO business in 2004 with the acquisition of the US-based Aegis Communications Group, with 2,000 employees.