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Ares, Providence exit Stream Global Services in $820m deal

7 Jan 2014

exit 15_sqThe private equity owners of Stream Global Services have exited the customer management service company to peer Convergys Corp for $820m.

The company said Stream will add around $0.35 per share to its earnings per share in the first 12 months after the acquisition, while its revenues are expected to top $3bn.

Stream was backed by private equity firms Ares Management and Providence Equity Partners and Ayala Corp.

Convergys CEO Andrea Ayers said, “This acquisition is an important step forward in our plan for strategic growth and value creation.

“Both Convergys and Stream have a history of commitment to our clients, and dedication to excellence in representing the world’s largest brands.

“We expect this transaction to be highly accretive and to allow us to leverage our strong balance sheet to position Convergys for enhanced revenue, margin improvement and EPS growth.”

In October raised $130m for its new credit fund via an IPO on the New York Stock Exchange.

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