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Sykes Enterprises Soars on Deal to Be Bought by Sitel Group

Sitel Group will take fellow customer experience company Sykes private in an all-cash deal worth about $2.2 billion. Sykes recently traded at $53.48, up 30%.
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Sykes Enterprises  (SYKE)  shares soared Friday after the company announced that fellow customer experience company Sitel Group is acquiring it and taking it private in a $2.2-billion cash deal.

Sykes recently traded at $53.48, up 29.90%, on Friday morning. 

Following the proposed transaction, the combined company will employ 155,00 workers in 39 countries, serving more than 600 clients. The companies expect combined revenue of more than $4 billion this year.

“By joining forces with such a healthy, profitable and financially solid U.S. brand that also has a stellar reputation, we will further enhance our global reach," said Laurent Uberti, chief executive of Sitel Group, in a statement.

The transaction is expected to be completed in the second half of 2021. Upon the closing of the deal, Sykes will cease trading on Nasdaq.

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