US-based BPO provider APAC to be acquired by One Equity Partners for $470 mln
07 Jul 2011
US BPO services APAC Customer Services today said it would sell itself to JPMorgan Chase's private investment arm One Equity Partners for about $470 million in cash.
Under the terms of the agreement, which has been approved by the board of APAC, One Equity Partners will pay APAC stockholders $8.55 per share in cash, representing a premium of 57 per cent over APAC's closing share price on 6 July 2011.
One Equity Partners expects the acquisition to be funded through committed equity and credit facilities and is not subject to any financing contingencies.
Theodore Schwartz, chairman of APAC and his affiliated entities, representing approximately 39 per cent of the company's outstanding shares, have entered into a voting agreement to vote in favour of the transaction.
Founded in 1973 by entrepreneur college student Schwartz, Illinois-based APAC is a BPO provider to companies in healthcare, business services, communications, media and publishing, travel and entertainment, financial services and technology industries.
One Equity is the majority owner of NCO Group, a leading global provider of business process outsourcing services. One Equity said that it will seek to combine APAC with NCO Group to build market leadership in business process outsourcing and customer care solutions.