Sykes Enterprises Inc. announced an agreement Friday to be acquired by Sitel Group in a cash deal for the customer experience management services valued at $2.2 billion. Under terms of the deal, Sitel will pay $54 for each Sykes share outstanding, which represents a 31.3% premium to Thursday’s closing price of $41.17. Sykes’ stock was inactive prior to a trading halt for news, which is expected to be lifted at 7:30 a.m. Eastern. The The deal is expected to close in the second half of 2021. “This combination marks a major milestone in our 40-plus year operating history,” said Sykes Chief Executive Chuck Sykes. “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.” Sykes’ stock has gained 9.3% year to date, while the S&P 500 has advanced 12.4%.
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