Bain Capital has agreed to buy the Atento call centre division of Telefonica, in a deal that will help the Spanish mobile phone giant pay down its €58bn debt pile in an effort to avoid a potential debt-rating cut.
The sale, which gives Atento an enterprise value of about €1.04bn, was also reported to have attracted the attention of European buyout house Permira.
Atento had €175m of net debt at the end of June and posted revenues of €1.8bn last year.
The deal also includes a nine-year agreement for Atento to continue providing services to Telefonica.
Telefonica tried to sell Madrid-based Atento in 2007 and also shelved plans for an initial public offering of the unit last year.
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