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Clear out junk files and repair common Windows errorsFree Scan →Scan for outdated or missing drivers - takes under a minuteDriver Scan →ClientLogic completed its acquisition of SITEL Corporation by merger on January 30, 2007. SITEL shareholders had approved the transaction on January 12, and the final consideration was $4.25 in cash for each outstanding SITEL common share.
When did the ClientLogic–SITEL merger become official?
The transaction closed on January 30, 2007, when ClientLogic completed its acquisition of SITEL by merger. Shareholders of SITEL had approved the deal on January 12, 2007. The shareholder vote was an approval milestone; the January 30 closing marked completion.
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Did ClientLogic buy SITEL, or did the companies merge?
Both descriptions capture part of the transaction. It was announced in October 2006 as an acquisition in which a newly formed ClientLogic subsidiary would merge with SITEL. At closing, ClientLogic described the completed transaction as its acquisition of SITEL by merger. The deal therefore combined an acquisition with a merger structure rather than simply joining two businesses on equal terms.
| Deal stage | Date and terms | Status |
|---|---|---|
| Announcement | October 2006; $4.05 per SITEL share, as announced | Planned transaction |
| Shareholder approval | January 12, 2007 | SITEL shareholders approved the transaction |
| Closing | January 30, 2007; final consideration of $4.25 per outstanding SITEL common share | Acquisition by merger completed |
The initial $4.05 announcement figure and the final $4.25 closing consideration refer to different stages of the deal. The completed transaction filing gives the final cash amount.
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How much did SITEL shareholders receive?
The final consideration was $4.25 in cash for each outstanding share of SITEL common stock. The October 2006 announcement had specified $4.05 per share; that was the announced term, not the amount stated for the completed transaction.
What did the combined company do?
ClientLogic and SITEL both provided outsourced customer support and business-process-outsourcing services. The combined company served customer-care and transaction-processing needs, with the stated aim of bringing together broader capabilities and geographic reach in global customer care.
How large was the combined BPO company?
In its 2007 completion announcement, ClientLogic and SITEL reported that the combined company had 65,000 associates in 28 countries and more than 145 facilities across North America, South America, Europe, the Middle East and Africa, and Asia Pacific. Those are figures reported at the time of closing, not a measure of its current scale.
A 2007 EE Times report described the merged company as headquartered in Nashville, Tennessee, and reported revenue of $1.8 billion. The completion release said the company was privately held and majority owned by Canadian diversified company Onex Corporation.
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Who led the combined company?
Dave Garner, ClientLogic’s former president and CEO, became president and CEO of the combined company. In the joint completion announcement, Garner said: “The two companies are a great fit, sharing like-minded industry focus and service-oriented cultures. Moving forward, we will continue to provide top-quality service to all clients and a positive work environment for all associates.”
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