Telefonica to sell Atento call centre to Bain Capital for $1.3 billion
12 Oct 2012
Telefonica, Spain's largest wireless carrier, today agreed to sell its Atento call centre to US private equity firm Bain Capital for €1 billion ($1.3 billion) in order to reduce its massive $75 billion debt.
The deal includes, Bain, co-founded by US Republican presidential candidate Mitt Romney paying €110-million in deferred payment, Telefonica providing a €110 million financing, and a nine-year agreement for Atento to continue providing services to Telefonica.
''This transaction is part of the policy of proactive management of the portfolio of assets of the company and the initiatives to increase Telefónica's financial flexibility,'' the company said in a statement.
Atento is al leader in the CRM business in Latin America and the second largest in the world. Since 1999, the company has developed its business model in more than fifteen countries, employing more than 152,000 people.
Atento's had 2011 revenues of €1.8 billion and net debt of €175 million.
The proposed deal comes two days after the Boston-based private equity firm offered to buy hand and power tools maker Apex Tool Group from Danaher Corp and Cooper Industries, for $1.6 billion. (See: Danaher, Cooper to sell Apex Tool to Bain Capital for $1.6 billion)
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