- Convergys (CVG) acquires customer management services provider Stream Global Services for $820M from Ares Management, Providence Equity Partners, and Livelt. The combined entity is expected to generate revenue in excess of $3B, making it the second largest CMS provider globally.
- The acquisition is expected to add $0.35 in EPS in the first 12 months after close excluding one-time charges.
- Anticipated benefits include an expansion/diversification of Convergys's customer base, a broadening of the company's geographic reach (particularly in Europe and LatAm), and cost synergies (~$25M annually when fully realized).
- Conference call at 5pm ET, PR
- Shares have surged 19.9% AH.
Convergys acquires Stream Global Services for $820M, +19.9% AH
Jan 6 2014, 16:50 ET