BPO says merger not expected to affect Philippine staff
By Riza T. Olchondra
Philippine Daily Inquirer
First Posted 07:09:00 09/20/2008
Filed Under: business process outsourcing (BPO), Mergers - Acquisitions - Takeovers, Company Information
MANILA, Philippines—Business process outsourcing (BPO) company PeopleSupport Philippines has assured all its employees that their jobs will not be affected by a coming merger with Aegis BPO.
“Aegis has no Philippine presence at all, so our operation here will actually complement theirs,” Rainerio Borja, president of PeopleSupport Philippines, told reporters.
Borja said preparations for the merger would be completed by October.
PeopleSupport, based in Los Angeles, California, with 8,600 employees worldwide, serves clients in a variety of industries, such as travel and finance. In 2007, it recorded record annual revenue of $140.6 million, up 28 percent from 2006.
Aegis BPO is part of the Essar Group, one of India’s largest and fastest-growing business conglomerates.
Early last month, the two companies announced a definitive agreement to merge via a cash transaction valued at $250 million.
Under the agreement, Aegis BPO will pay PeopleSupport stockholders $12.25 per share in cash through subsidiary Essar Services (Mauritius).
The merged company will be called Aegis PeopleSupport, which will have operations in the Philippines, India, the United States and Costa Rica. Edited by INQUIRER.net
|
