Ruias-led Essar Group has decided to sell its business process outsourcing (BPO) firm Aegis to Singapore-based Capital Square Partners for about $300 million in a bid to reduce the group debts.
AGC Holdings Limited (AGC) Mauritius, a wholly-owned portfolio company of Essar Global Limited (Essar Global), has entered into a definitive agreement with Capital Square Partners (CSP).
The agreement to sell 100% of its stake for an undisclosed amount in ESM Holdings Limited, Mauritius, which is the holding company of Aegis, a major global outsourcing company.
The deal size is pegged about $300 million and the net proceeds of this sale will be used to retire Essar’s debt.
Essar entered the BPO business in 2004 with the acquisition of the US-based Aegis Communications Group, with 2,000 employees.
In 2014, AGC announced the successful sale of Aegis USA Inc (comprising Aegis’ operations in the US, the Philippines and Costa Rica) to Teleperformance, thereby substantially reducing Aegis revenues and headcount.
Aegis: Know More- Currently, Aegis has revenues of about US$400 million.
- It employs more than 40,000 people across 47 centres.
- It operates in in 10 countries with operations in India, the UAE, Sri Lanka, Malaysia, Australia, South Africa, Peru, Argentina, Saudi Arabia and the UK.
