Sykes Enterprises, one of the largest public companies in the Tampa Bay area, is being sold to a private Miami company in a deal worth $2.2 billion.
The Tampa company, which provides corporate services like customer assistance and technical support, will be sold to Sitel Group, a global customer service firm, in an all-cash deal worth $54 per share, a 31.2 percent premium over Thursday’s stock price.
The deal is expected to close later this year, at which point Sykes will cease being traded as a public company.
“This combination marks a major milestone in our 40-plus year operating history,” president and CEO Chuck Sykes said in a statement. “Thanks to the hard work of our team members, this transaction validates the execution of our vision, strategy, our differentiated full lifecycle business model and promises immediate and certain value for our stockholders at an attractive premium.”
The combined company will have 155,000 employees, Sitel president and CEO Laurent Uberti said in a statement.
“By combining the two companies, our expanded geographic footprint, multi-shore solutions and greater capacity to serve customers will make us better equipped to help our customers navigate the rapid changes within the sector together,” Uberti stated. “We have tremendous respect for Chuck Sykes and the business he and his family have built and all they have accomplished.”
Sykes is the second of Tampa Bay’s largest public companies to reach a deal to be sold this year. In April, New Port Richey’s Welbilt, which supplies equipment to restaurants and professional kitchens, reached a deal to be sold to an Illinois company in a stock deal worth $4.3 billion. Earlier this month, Welbilt received a competing cash offer of $3.1 billion from an Italian holding company.
Sykes is a highly visible presence in Tampa. The company’s name adorns the top of the Rivergate Tower, often called the Beer Can Building. The University of Tampa has a Sykes College of Business and Sykes Chapel and Center for Faith and Values.
“As we embark on the next phase of our journey, there is an opportunity to take the business to historic heights with a proven partner with similar culture and values,” Chuck Sykes stated. “In Sitel Group, I am confident that we have a valuable partner with a solid heritage of deep industry knowledge and experience, solid industry reputation, a shared vision and a people-first culture to better serve customers.”
This is a developing story and will be updated. Check back for updates.
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