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eTelecare, US firm complete stock-swap deal

Philippine Daily Inquirer
Tuesday, October 6, 2009

MANILA, Philippines – Boston-based business Process Outsourcing firm Stream Global Services Inc. has completed a stock-swap deal with the Ayala-owned unit that controls eTelecare Global Solutions Inc.

The stock swap with eTelecare parent company EGS Corp. will pave the way for the merger of the operations of Stream Global and eTelecare to create one of the five biggest BPO companies in the world. It will also give the Ayala group a backdoor listing entry on the New York Stock Exchange for its fast-growing BPO business.

The closing of the transaction means that Stream Global now owns about 57.5 percent while EGS, owned by the Ayalas’ LiveIt Investments Ltd., holds 42.5 percent of the combined entity.

The union, which will adopt the Stream Global Services name, will have about 30,000 employees in 50 service centers in North America, Europe, the Philippines, Latin America, India and Africa.

“The completion of the combination of Stream and eTelecare brings together two very strong franchises to deliver a diversified set of BPO and CRM [customer relationship management] services for our clients on a truly global basis. Stream is now one of the top service providers in the world offering customer lifecycle support services such as sales, customer care, warranty and technical support to many of the leading companies in the world,” said Scott Murray, CEO of the combined company. Doris C. Dumlao

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