Friday, eTelecare Global Solutions, Inc. (ETEL), a provider of BPO services, said it signed a definitive agreement to be acquired by affiliates of Ayala Corp. and Providence Equity Partners for US$9.00 per share in cash. The total transaction value is approximately US$290 million.
Under the agreement, affiliates of Ayala Corporation and Providence Equity Partners will commence a tender offer in the Philippines and the United States to acquire all of the outstanding shares of eTelecare common shares, and also all of the outstanding eTelecare American Depositary Shares.
Quezon City, Philippines-based eTelecare, which focuses on the complex, voice and non-voice based segment of customer-care services, noted that the offer price represents an approximate 76% premium over its closing price on Nasdaq on September 18, 2008.
Completion of the tender offer will be subject to the condition that at least 66.67% of eTelecare's shares and American Depositary Shares are tendered in the offer, and other conditions include regulatory approvals. The transaction is not subject to any financing conditions.
The company said that a special committee of its Board of Directors has unanimously recommended the offer to the Board. Additionally, several of eTelecare's shareholders have signed support agreements in favor of the transaction.
ETEL closed Thursday's trading at $5.10, up $0.12 on a volume of about 33 thousand shares.
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May 01, 2026 15:54 ET Central banks dominated the economics news flow this week with almost all major ones announcing their latest policy decisions and many boosted expectations for a rate hike in June. In other news, several countries released the preliminary data for first quarter economic growth. In the U.S., comments by Fed Chair Jerome Powell were also in focus as his term ends this month.