Ballard Spahr Advises Transaction Committee of Sykes Enterprises on $2.2B Deal
Ballard Spahr, a national law firm with 15 offices across the country, served as counsel to the transaction committee of the Board of Directors of Sykes Enterprises, Inc., in Sykes Enterprises’ merger with the Sitel Group in a transaction valued at approximately $2.2 billion.
Sykes Enterprises, Inc., along with its consolidated subsidiaries (SYKES)—a leading full life cycle provider of global customer experience management services, multichannel demand generation, and digital transformation—and Sitel Group, a leading global provider of customer experience (CX) products and solutions—announced the merger on June 18, 2021. Both companies’ Boards of Directors unanimously approved the transaction, in which Sitel Group, through a wholly owned subsidiary, will acquire all of SYKES’ outstanding shares of common stock at a purchase price of $54 per share, for an approximately $2.2 billion total value on a fully diluted basis.
SYKES said in a statement that it formed the transaction committee of the Board of Directors as part of a “disciplined process” to facilitate the Board of Directors’ evaluation of strategic alternatives for the company. Ballard Spahr Senior Counsel Justin P. Klein and Partner Peter Jaslow led the firm’s legal team, which included Anuj Goswami and Shauna Pierson. The team’s work included advising the committee on negotiation and documentation of the merger agreement.