/ Essar Sells BPO Company Aegis, For USD 275-300 Million ~ Ways2Capital|Stock Tips|Stock Market Tips|Intraday Stock Tips|Stock Trading Tips|NSE BSE Tips

Monday, 3 April 2017

Ruias-led Essar Group announced the sale of its BPO company Aegis to Capital Square Partners, a Singapore-based private equity fund manager, on April 3, 2017. The sale proceeds are speculated to be around USD 275 to 300 million as it marked Essar's complete exit from the BPO business.

The net proceeds of the sale are likely to be used by Essar to settle its debt, with the transaction closing in June 2017. The company's advisors in the transaction comprised of Axis Capital as financial advisor, and Platinum Partners and Sidley Austin as legal advisors.

Essar had entered the BPO business in the year 2004 with the acquisition of the US based Aegis Communications Group. While the Essar group had sold its US-based subsidiary Aegis USA Inc to Teleperformance of Paris for USD 610 million in the year 2014.

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