Ayala Corp: Will Gain $46 Million From Unit's Sale of Stake in Stream Global Services
By Cris Larano
MANILA--Philippine conglomerate Ayala Corp. (AC.PH) said Tuesday it expects to realize a net gain of $46 million from its unit LiveIt's sale of a 29% stake in contact center, Stream Global Services Inc.
LiveIt, along with its private-equity partners Ares Management and Providence Equity Partners, agreed to sell 100% of Stream to Convergys Corp. for a total enterprise value of $820 million to create the second-largest customer-management services provider in the world, with revenues in excess of $3 billion and a work force of 125,000 worldwide.
LiveIt will get a total $145 million in net equity proceeds from the sale, Ayala said in a statement.
After the sale of its Stream stake, LiveIt will be left with interests in business-process outsourcing firms Integreon, Affinity Express and HRMail.
LiveIt Chief Executive Fred Ayala said the global information technology and BPO industry would continue to expand, particularly in the Philippines, where it will remain a major job creator. "We are continuing to build our investee companies in the high growth segments of the industry, and starting to invest in the education space, which we see as a critical enabler of the IT-BPO industry," he said in a statement.
Write to Cris Larano at firstname.lastname@example.org
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