Apollo Global to buy US call centre technology services provider West Corp for $2 bn
10 May 2017
Private equity firm Apollo Global Management yesterday struck a deal to buy US call centre technology services provider West Corp, for about $2 billion in cash.
The deal has an enterprise value of about $5.1 billion, including net debt, West Corp said in a statement.
Apollo Global has offered to pay $23.50 per share, a premium of about 17.5 per cent over West Corp's closing price on 1 November 2016.
Last November, West Corp announced that it had hired investment bank Centerview Partners LLC and law firm Sidley Austin P to help the company explore strategic alternatives.
West Corp said its board of directors had unanimously approved the offer and that stockholders owning around 45 per cent of the company's common stock had committed to vote in favour of the transaction.
The acquisition is expected to close in the second half of 2017 subject to regulatory approvals.