Sitel Group, a global provider of customer experience products and solutions, has entered into a definitive agreement to acquire Sykes Enterprises Inc., a full life cycle provider of global customer experience management services, multichannel demand generation and digital transformation. Under the terms of the agreement, a subsidiary of Sitel Group will acquire all outstanding shares of Sykes common stock in an all-cash transaction valued at approximately $2.2 billion.
“We are committed to our people and the legacy of Sitel Group in the business landscape; by joining forces with such a healthy, profitable and financially solid U.S. brand that also has a stellar reputation, we will further enhance our global reach,” said Laurent Uberti, president, chief executive officer and co-founder of Sitel Group.
Olivier Camino, global chief operating officer and co-founder of Sitel Group said, “Post-pandemic, the forces of digital disruption and dynamism are accelerating. A new world is emerging with the rise of the work at home model, and the need for valuable emotional connections and conversations between brands and their consumers has never been so important. With our expanded geographic footprint and greater capacity to serve customers, we will be better equipped to help our customers navigate the rapid changes within the industry. This acquisition is a fantastic opportunity for Sitel Group to enhance and accelerate our CX products and solutions within EXP+™, especially with the addition of SYKES’ CX solutions in digital, social media and robotic process automation (RPA), through their suite of digital transformation capabilities such as Clearlink and Symphony.”
“This combination marks a major milestone in our more than 40-year operating history,” said president and chief executive officer of Sykes, Chuck Sykes. “As we embark on the next phase of our journey, there is an opportunity to take the business to historic heights with a proven partner. I am confident that we have a valuable partner with a solid heritage of deep industry knowledge and experience, credible industry reputation, shared vision and an employee-first culture to further advance our leadership position as a leading global provider in a highly fragmented customer experience marketplace.”
Lazard Freres SAS acted as financial advisor, and Freshfields Bruckhaus Deringer US LLP acted as legal advisor to Sitel Group. Committed debt financing has been provided by BNP Paribas to Sitel Group. Goldman Sachs & Co. LLC acted as financial advisor, and Shumaker, Loop & Kendrick LLP acted as legal advisor to Sykes Enterprises.