SOURCE: Aegis Limited

March 02, 2009 08:53 ET

Aegis Proposes Cash Acquisition of ICT Group at $8.00 per Share

Transaction Upon Conclusion Likely to Deliver 122 Percent Premium Over Current Trading Price to ICT Group Shareholders; Combined Entity Offers Strong, Diversified and Global BPO Platform With Superior Value to Clients, Employees and Shareholders

IRVING, TX and MUMBAI, INDIA--(Marketwire - March 2, 2009) - Aegis Limited, an Essar Group company and a leading global business process outsourcing (BPO) provider, today announced that it has made a proposal to the Board of Directors of ICT Group, Inc. to acquire all of the outstanding shares of ICTG common stock for $8.00 per share in cash. This offer represents a premium of approximately 71 percent over the thirty (30) day average closing price of ICTG shares and approximately 122 percent premium above the closing price as of February 27, 2009 of ICTG shares. The combined company would bring together a significant diversity of clients, expanded geographic footprint and substantial scale of operations.

"We have great respect for ICT Group and its management team, and believe that together we can create a platform for strong long-term growth," said Aparup Sengupta, Managing Director and Global CEO of Aegis. "The combined business will offer a wider set of services and solutions to both companies' clients, enabling us to broaden and deepen our relationships with them."

As such, subject to customary due diligence, negotiation and execution of a mutually agreeable definitive agreement, and completion of required regulatory approvals, Aegis proposes to acquire all of the outstanding shares of ICTG in a merger transaction for $8.00 per share in cash. Aegis is seeking the support and approval of the Board of ICTG to effect the transaction on a friendly basis through a merger between ICTG and a subsidiary or special purpose vehicle or parent of Aegis.

Aegis has a successful history of acquisitions in the last four years, including its recent acquisition in October 2008 of PeopleSupport, Inc., a NASDAQ listed outsourcing firm. Aegis has established a record of aligning the interests of all stakeholders in a short period of time.

Aegis, a leading global BPO provider, is part of the Essar Group, a diversified business group with a balanced portfolio of assets in the manufacturing and services sectors, including steel, energy, power, communications, shipping and logistics, construction, mining and minerals. Essar employs more than 50,000 people in over 30 countries in the Americas, Europe, Asia and Africa. The combined Aegis/ICTG business would be able to leverage resources of the Essar Group to reach even greater achievements.

In India, Aegis Limited is one of the largest domestic BPO providers with a significant presence in telecom, banking and financial services. Aegis belongs to a differentiated league of service providers with deep domain knowledge in telecom, banking and financial services, insurance, healthcare, travel and emerging enterprises.

About Aegis Limited

Aegis Limited is one of the leading global business process outsourcing (BPO) providers that offers customer lifecycle management and a variety of value-added interactive and back-office services for global enterprise clients. Aegis is one of the fastest growing BPO companies globally with annualized revenues of approximately half a billion USD. Aegis has strong financial stability and is well positioned for growth with the ability to leverage the diversified business of the Essar Group, one of India's largest conglomerates. With deep industry expertise, Aegis services several Fortune 1000 companies worldwide in the telecom, banking and financial services, insurance, healthcare, and travel verticals. Aegis offers an end to end global delivery platform spanning onshore, near shore and offshore locations with 32 delivery facilities in the United States, the Philippines, India, Costa Rica and Africa. www.aegisbpo.com

About Essar Group

Essar Group is a diversified business group with a balanced portfolio of assets in the manufacturing and services sectors of Steel, Energy, Power, Communications, Shipping, Ports and Logistics, Construction, Mining and Minerals. Essar employs more than 50,000 people in over 30 countries in the Americas, Europe, Asia and Africa. www.essar.com

Contact Information

  • For Media Queries
    Mumbai, India
    Manisha Awasthi
    Aegis Corporate Communications,
    Phone: +91 98339 45761,
    Email: Email Contact

    USA
    Peter Hargittay
    Aegis Marketing Americas
    Phone: +310.824.6182,
    Email: Email Contact