Sykes Enterprises Agrees To Go Private In $2.2 Bln All-Cash Deal With Sitel

Sykes Enterprises, Inc. (SYKE), a full life cycle provider of customer experience management services, Friday said it has agreed to be acquired by Sitel Group at a purchase price of $54 per share in a deal valued at around $2.2 billion on a fully diluted basis.

In pre-market activity on Nasdaq, Sykes shares were gaining around 30 percent to trade at $53.52.

Sitel Group, a provider of customer experience or CX products and solutions, will make the acquisition through a wholly owned subsidiary.

The purchase price represents a premium of 31.2% over SYKES' closing price on June 17, and a premium of 29.1% over the 30-day volume-weighted average price of SYKES' common stock.

The transaction was unanimously approved by both companies' Boards of Directors.

The proposed transaction is not subject to a financing condition, is expected to be completed in the second half of 2021 and is subject to the approval of SYKES' shareholders and customary closing conditions.

Upon the closing of the transaction, SYKES will become a privately-held company and its shares will cease trading on Nasdaq.

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