Sitel Group To Acquire Sykes Enterprises At 31.2% Premium For $2.2 B

Customer experience (CX) products and solutions provider Sitel Group inked an agreement to acquire CX management service provider Sykes Enterprises Inc SYKE through a subsidiary for $2.2 billion.
The purchase price of $54 per share signifies a 31.2% premium over Sykes' June 17 closing price of $41.17.
The acquisition will render Sitel Group as a competitive BPO player with a wide range of CX products and solutions, 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.
The transaction will enable an expanded geographic footprint, multi-shore solutions, and greater capacity to serve customers.
Both the company boards unanimously approved the transaction.
Price action: SYKE shares traded higher by 30.1% at $53.55 in the premarket session on the last check Friday.