Essar sells 100% stake in Aegis BPO to Capital Square Partners

Highlights:

1. Aegis Holdings will sell 100% stake in ESM Holdings to Capital Square Partners for an undisclosed sum

2. The transaction is expected to close during the first quarter of financial year 2017-18 (FY18)

Essar Global on Monday said that it has sold BPO arm Aegis Holdings to Capital Square Partners for an undisclosed sum.

"AGC Holdings Limited (AGC) Mauritius, a wholly owned portfolio company of Essar Global Limited (Essar Global), has entered into a definitive agreement with Capital Square Partners (CSP) to sell 100% of its stake for an undisclosed amount in ESM Holdings Limited, Mauritius," cited Essar in a press release. 

Mr Sandip Sen, MD, @aegisonline shares his views on the sale announcement of Aegis to Capital Square Partners- https://t.co/uCfGl9cSTG pic.twitter.com/5BSEDNauOk

— Essar (@Essar) April 3, 2017

ESM Holdings is the holding company of Aegis Holdings.

ALSO READ: Essar says hopes to close sale to Rosneft-led consortium in next few weeks

Capital Square Partners is a private equity fund manager based in Singapore, and regulated by the Monetary Authority of Singapore (MAS).

Essar had entered into the business process outsourcing (BPO) business in 2004 with the acquisition of the US-based Aegis Communications Group, with 2,000 employees.

AGC Holdings director Uday Gujadhur, said,“This transaction is in line with our strategy of incubating, building and operating world-class businesses, and being open to monetising them at a premium value when the market conditions are favourable." 

The transaction is expected to close during the first quarter of fiscal year 2017-18 (FY18), subject to receiving regulatory approvals and other customary closing conditions, it said.