Courtesy of Benzinga.
Convergys Corporation (NYSE: CVG) and Stream Global Services, Inc., both
premier providers of customer management services, today announced entry
into a definitive merger agreement under which Convergys will acquire
Stream for a total enterprise value of $820 million in cash, subject to
certain adjustments, from funds managed by Ares Management and
Providence Equity Partners, as well as from LiveIt, the BPO investment
arm of Ayala Corp. Convergys also announced the transaction is expected
to add approximately $0.35 in diluted earnings per share (EPS) in the
first 12 months after close, excluding one-time charges, intangible
amortization and integration costs.
By adding Stream’s complementary client base, geographic footprint and
service capabilities, Convergys expects the acquisition to expand and
