Jun 26 2006
The Aditya Birla Group has announced that they have entered into a definitive agreement with Minacs Worldwide Inc., Canada's leading business process outsourcing (BPO) provider, to offer CDN$5.50 per share in cash for all outstanding common shares of Minacs on a fully diluted basis. The open offer for acquisition will be made through TransWorks, a leading Indian BPO provider and a wholly-owned subsidiary of Aditya Birla Nuvo Limited. The total expected cost of the acquisition will be approximately US$125 million including payment for all common shares, and in-the-money option and warrant securities of the company. The combined business will have a revenue base of approximately US$300M.
ReichmannHauer Capital Partners (RHCP), a Toronto-based private investment firm, partnered with the Aditya Birla Group in evaluating the transaction and intends to invest in the combined entity. "The combination of Transworks and Minacs creates a BPO provider well positioned for industry leadership. The resulting firm will have an outstanding global delivery footprint, superior solutions offerings, and strong brands and customer relationships," said Philip Reichmann, co-founding partner of RHCP.
The deal is expected to be completed by the end of August, subject to necessary approvals and other conditions.
This is the Aditya Birla Group's third venture in Canada. The Group operates two companies in Canada, the Atholville Pulp Mill and the Nackawic Pulp Mill in the province of New Brunswick. In India, the Group has a joint venture in financial services with Sun Life of Canada and in the aluminium business with Alcan.
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