DENVER, Oct. 10, 2023 /PRNewswire/ — Startek, Inc. (NYSE: SRT) (“Startek” or the “Company”), a global customer experience (CX) solutions provider, today announced that it has entered into a definitive agreement to be acquired by funds managed by Capital Square Partners (“CSP”) in an all-cash transaction with a total enterprise value of approximately $217 million and total equity value of approximately $174 million. Under the terms of the agreement, CSP will acquire all shares of Startek common stock not already owned by CSP for $4.30 per share in cash. The purchase price represents a premium of approximately 32% to Startek’s closing share price of $3.26 on October 9, 2023, the last trading day prior to public disclosure of the transaction, and a premium of approximately 50% to the closing price of the shares on the last trading day prior to announcement of CSP’s non-binding acquisition proposal.
On July 18, 2023, Startek received a preliminary non-binding proposal from CSP to acquire all shares of Startek common stock that it does not already own for $3.80 in cash per share. Upon receipt of this proposal, the Board established a Special Committee consisting of independent and disinterested directors of the Board to review and consider the proposal with the assistance of independent financial and legal advisors. Following its review, the Special Committee unanimously recommended that the Board approve the merger agreement. Subsequently, the Startek Board, based on the recommendation of the Special Committee, unanimously approved the merger agreement.
Approvals and Timing
The transaction is expected to close by the end of calendar year 2023, subject to the satisfaction of customary closing conditions. The transaction is not subject to any financing contingency.
Upon completion of the transaction, Startek will no longer trade on the New York Stock Exchange and will become a private company.
Advisors
Houlihan Lokey Capital, Inc. is serving as financial advisor to the Special Committee and Gibson, Dunn & Crutcher LLP is serving as its legal counsel. Latham & Watkins LLP is serving as legal counsel to CSP.
About Startek®
For more than 35 years, Startek has delivered customer experience (CX) excellence for the world’s leading brands. Spread across 12 countries, our 38,000 associates create memorable, personalized experiences in both voice and non-voice channels. Our clients span from fortune 500s to fast-growing startups in a diverse range of industries including cable, media and telecom; travel and hospitality; retail and e-commerce and banking and financial services.
By creating closer connections, Startek delivers value for our clients, opportunity for our people and sustainable growth for our shareholders.
To learn more visit www.startek.com and follow us on LinkedIn.
About CSP Management Limited
Founded in 2014 in Singapore, Capital Square Partners is a private equity firm investing in cross-border technology and business services across Southeast Asia and India. As a sector focused fund manager with $1.4 billion under management, CSP is one of the largest dedicated technology and technology enabled business services private equity fund manager in Asia. Over the past decade, the team has invested, created and exited a number of leading companies in technology services sector, including Minacs, Indecomm, GAVS Technologies and Accion Labs. Capital Square Partners holds a Capital Markets Services (CMS) License from the Monetary Authority of Singapore, as per the Securities & Futures Act of the Government of Singapore. For more information click here.
Startek Contacts
Investor Relations
Cody Cree
Gateway Group, Inc.
(949) 574-3860
[email protected]
Media Relations
Neha Iyer
Startek
[email protected]
or
Joele Frank, Wilkinson Brimmer Katcher
Matt Sherman / Viveca Tress / Kaitlin Kikalo
(212) 355-4449
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- risks associated with transactions generally;
- the failure to consummate or delay in consummating the…
Read More: Startek Announces Agreement to be Acquired by Funds Managed by CSP Management