PeopleSupport, Inc. (Nasdaq:PSPT) (the “Company”),
a leading offshore business process outsourcing (BPO) provider, and
Essar Services (Mauritius) (“Essar Services”)
today announced that, subject to approval by PeopleSupport’s
stockholders at the special meeting to be held on October 8, 2008, the
closing under the merger agreement and effective date of the merger by
which Essar Services will acquire PeopleSupport is expected to take
place no later than October 31, 2008. Essar Services and Aegis BPO, a
leading global business process outsourcing (BPO) provider, are both
parts of Essar Group, one of India’s largest
and fastest growing business conglomerates.
Essar Services confirmed its intention to complete the acquisition of
PeopleSupport and also reaffirmed that the transaction is not subject to
financing. It noted that its request for a delay in the closing date was
due to the unprecedented disruptions in global capital markets affecting
movement of funds and its desire to implement the transaction with an
optimal capital structure.
Aparup Sengupta, Global CEO and Managing Director of Aegis BPO, said, “Aegis
is committed and we continue to be excited about the transaction and the
opportunities it presents. This strategic combination creates a global
outsourcing leader with capabilities across multiple geographies and
domains, and we look forward to the completion of this merger.”
The parties announced that they have reached an agreement in principle
which will provide that certain significant conditions to closing,
including that the Company’s representations
and warranties remain true and that the Company has not experienced any
material adverse effect, will be deemed fully satisfied as of October
14, 2008. The parties also noted that they have agreed to waive the
condition relating to filings with the Committee on Foreign Investment
in the United States under the Exon-Florio Provision.
About PeopleSupport
PeopleSupport, Inc. (Nasdaq: PSPT), is a leading offshore BPO provider
that offers customer management, transcription and captioning and
additional BPO services for global enterprise clients. From its
world-class service delivery centers in the Philippines and Costa Rica,
PeopleSupport offers high performance services with deep industry domain
knowledge and expertise, resulting in customizable and best practice
solutions. By delivering high quality services from offshore locations,
PeopleSupport’s service delivery centers
reduce costs, improve performance and increase revenues.
