Sykes Enterprises, Inc.(SYKE) said the 30-day waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 expired on December 3rd with respect to its proposed acquisition of ICT Group, Inc.(ICTG).
On October 6, Sykes signed a definitive deal to acquire ICT Group, Inc for a total purchase price of about $263 million. Under the terms of the deal, each issued and outstanding share of ICTG will be converted into $7.69 in cash and Sykes stock with a value of $7.69, subject to a collar mechanism.
Sykes expects to realize synergies of up to $20 million annually. The acquisition is expected to be neutral to Sykes' earnings per share in 2010. On an adjusted basis, this acquisition is expected to be earnings per share accretive in 2010.
The deal is expected broaden the vertical reach, expand global delivery footprint to 23 countries and create a combined company with more than $1.2 billion in revenues, while greatly expanding the portfolio of clients with minimal client overlap.
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